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Parenthood Budget Tips: Where you can save thousands as a parent-to-be!

My boy just turned 3months and it has been tough. Like tougher than the first one.

Maybe because I am older now and maybe because energy and attention must be given to both the elder and the newborn.

In this article, I've these budget tips. And it will be presented without my judgement in it. Because ask any parent what is the right way and the answer will be "the way I did".

Hopefully it helps you decide for yourself. =)

Premium stroller - Good or nay?

This picture was quite a few years back for my first kid. We kept it all these years and now we finally use it again.

I bought the STOKKE SCOOT which is a premium stroller costing more than $1,000 because we prioritised safety and sturdiness. 

It is still in good condition till today.

But on hindsight, I'm not so sure if we would have bought it or just buy a cheaper umbrella stroller instead which would have been lighter-weight and compact.

This was quite a few years back haha

Not hiring confinement nanny: Building confidence 

There are many ways to survive confinement. And don't underestimate the challenge of it.

Some parents hire a maid but I would say most hire a confinement nanny. Cost is around the $3,000 range.

We did confinement without hiring anyone. Instead, we got in help sporadically from the grandmas and I used "Working from home" time wisely to chip in. We actually did the same for kid number 1.


Not hiring help certainly saves cost. 

More importantly, it builds baby-handling confidence in the grandmas because they are handed an active role.

Baby cots and hand-me-downs: Cheap may not be good

We actually bought a baby cot off carousel quite a few months back at ONLY $30. Our rationale was that baby only needs it for a year and why spend a few hundred dollars?

Unfortunately it was pretty old.

And when we all experienced some unexplained itch, I was concerned if the old cot had anything to do with it. After all, dust mites and bed bugs can live in old furniture.

Long story short, we got rid on the old second-hand cot. $30 wasted.

In the picture above is a new one bought from an online retailer.

At least it is new. Just a basic model because again, baby only uses it for one year...

Breastfeeding baby: Paying for lactation consultation 

My wife is doing breastfeeding by direct latching.

It has been hard on our sleep and sometimes painful for her.

Most mums will try to do fully breastfeeding not because of the formula milk cost but on the thought of giving baby the best.


My suggestion here is to tap on the experience of lactation consultants. Be open to pay for help.

We were newbies for our first boy and the advice we received then (because we were struggling) has been priceless. That $70 then? Money well spent.

Delivery cost - Be savvy if higher risk pregnancy

The cost for delivery in a private hospital is higher.

And cases with complication, the difference can be in many thousands of dollars.

Below is a comparison between KKH A ward vs Mount Elizabeth Novena for serious complication bill.

In addition, if baby is born pre-term, NICU may be needed. The per day rates are WAY cheaper in a government hospital than in private hospitals. So do be savvy!

If you're expecting twins, you may even want to consider going subsidised wards. 

A1 ward at $845.30/day per kid, the bill can really get large!

I've saved this image for you from KKH

Pregnancy insurance - necessary?

Some say pregnancy insurance cant pay that much also in compensation.

May be true may be untrue.

I've personally seen a case with twins and both had congenital conditions at birth. The claims process was hard and the payout was sizeable.

Pregnancy insurance also helps to defray cost in for example pre-term born baby who require NICU stay. The key is to understand what fits your concerns best and customising a plan for it.

Conclusions

DO share these tips with anyone you know that can benefit from these view points.

In addition, I've a video below on my spending breakdown as a normal Singaporean young parent.

Last updated on September 20th, 2020 at 01:07 pm

Josh Tan Jian Liang (CHFC) Principal Author

REVIEWS: https://theastuteparent.com/josh-tan Practising financial planner with Promiseland Independent Pte Ltd. EXPERIENCE: More than 13years. Josh Tan is a young parent, speaker, author and founder of TheAstuteParent.

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