Saving for your little one
With a baby on the way, you’ve lots to think about. Highchairs, baby monitors, nappies, safety gates, car seats, buggies! And that’s just the tip of the iceberg. Having a baby will always mean needing a bundle of cash to help you fund everything your little tot will need.
Why start now
Once born, it’s thought that the average cost of covering a baby’s first year is around €4,000. Of course with every year that passes, that figure increases if you take into account childcare, their ever changing wardrobes, school fees, birthdays and lest we forget … Christmas.
More time, more money
Saving for a baby is about taking an action sooner rather than later. By committing to saving regularly in a dedicated savings account like a Goal Saver Account for the expected and unexpected costs that come with having a baby, you’re in a better position to give them the best start in life and support them in the future. You’ll also have greater peace of mind knowing you’ve a plan in place.
Make sure you stick with it
Having a baby is a life changing event but it doesn’t have to mean your lifestyle has to change too drastically. The key is to get ahead of yourself.
- Fanatical about finances: Once you know how much you’re going to need, get fanatical about your finances. That means going through your income and expenses with a fine tooth comb and making sure that any money remaining after all expenses are accounted for are put into your Goal Saver Account.
- Work it out: Work out how much you’re going to need to save monthly to reach your savings goal. Try out our online calculator.
- Open a GoalSaver Account: Keep your savings stash safe in a dedicated savings account for all things baby!
- Save your child benefit: Remember too your Goal Saver Account is the perfect spot to house your monthly Child Benefit. Commit to putting it away regularly and it will mount up to a surprising degree and is your go to stash of cash solely for your little one.
Hacks to save for tiny tots
- Go vintage: Go vintage with baby’s wardrobe in the early months and you could save yourself a packet. Take advantage of second hand baby-grows, vests, socks, cardigans etc. from family and friends. They grow out of these so fast, it’s worth grabbing those bits and pieces if they’re being offered, just for the first few months till you find your feet.
- Shop online: With so much stuff to get, online shopping really is where you can really save, freeing up more to pop into your GoalSaver Account. Plus it’s the best way to get real time feedback from new parents about the products they’ve bought.