If there is another new member of the family that is on the way very soon, then you are probably thrilled for this day to finally come! A baby can surely light up anyone’s life and bring more joy to any home. This is particularly true for first-time parents who have been waiting for so long to have a child whom they can shower with so much love and affection.

However, it is also important to take note of the practical side of being a parent. This means that there is another mouth to feed, and more expenses are bound to come your way. Parents who are not prepared for the coming of another child tend to worry about their finances in the long run. They take out loans after loans once their savings run empty because of their growing expenses in the family. With so many debts, they may end up sacrificing their credit rating from not being able to pay for all of these. So, their chances of getting a bank loan goes down, and they approach a money lender Singapore citizens go to for their financial concerns, along with the hopes of being approved of a payday loan or a personal loan that will pay for some of their expenses.

But you do not have to go down this road. Relying on the help of a licensed money lender all the time can also impact your savings because the money you would have saved ends up going to your debt payments. Thus, you have to be more careful with your expenses and be prepared before you decide to become a new parent. Instead of thinking that you can always go to a money lender or a bank for extra funds, the best thing to do is to budget your money and adopt smart techniques to cover your expenses and even save some of your salary.

1. Choose public healthcare

Private hospitals and clinics can be very costly, particularly in Singapore. Although it is not a big surprise that Singapore’s healthcare system is one of the best in the world, the exceptional level of service you can receive comes with a hefty price tag. So, if you are a little low on funds, then you may end up stressing out about the costs involved with having a child.

Let us just say that you need to deliver your child, and you are on the fence when it comes to deciding between a private and a public hospital. If money is too tight, then the choice becomes much simpler. The best way to reduce the expenses of child birth by over 50 percent is by going for a public hospital. Just imagine this – if you opt for a private hospital, you may end up paying at least $8,000 for a two-night stay in a Class A ward or a single-bedder ward. On the other hand, the cost of the same ward type in a public hospital is at about $3,500. This is significantly cheaper for sure, and you can still have a good level of service that you deserve. But keep in mind that child delivery costs still depend on your condition. If you are having a normal delivery, then the cost is indeed reasonable. On the other hand, if there are complications and only a caesarean delivery is advisable for your case, then you should expect to pay more. The length of stay is also affected since more complications will require you to remain in the hospital a little longer.

2. Purchase your baby’s essentials in bulk

In Singapore, you may come across Baby Expos Fairs at certain times of the year. During these events, it is also common to see a large number of people who are taking advantage of freebies, promos, and discounts offered. If you want to streamline your expenses on baby essentials whether these are toiletries, diapers, and the like, then it may be worth checking out these baby expos. It can be a practical way to get your baby’s needs without having to go beyond your budget. There are discounts offered during these fairs, and you can stock up on items that normally come with a steep price including milk formulas.

3. Go for second-hand items.

It is not a surprise that babies grow really fast. At one point, you have a teeny tiny newborn in your arms, and the next thing you know, your baby is wearing clothes that are several sizes up what he used to wear! This is why it is not very practical to splurge on baby clothes and shoes since your little one may only wear these for just a few weeks. It may be better to go for second-hand or pre-loved clothes from your family and friends and save your money instead on other baby items that your little one needs on a day to day basis such as food and diapers.

The same holds true with baby furniture. Why go for expensive prams and cots and walks, when you can just probably borrow your friend’s old one that her baby once used? If these pieces of second-hand baby furniture are still in good condition, then there is no reason why you should buy brand new ones that will only end up getting stored in the closet after a year or two.

4. Use MediSave to cut down some expenses

Great for hospitalisation expenses and medical treatment, you can also use your Medisave for your other needs during pregnancy and delivery. The Maternity Package Medisave can cover some of your medical expenses before child birth, along with hospital stays. In fact, you can claim a maximum of $900 for your pre-delivery costs. These include services such as ultrasound tests and scans, as well as prenatal consultations. Whether you go to a private or a public healthcare institution, you should be able to use your Medisave without a problem. As for your hospital stays, you have as much as $450 per day that can be claimed for this purpose. The withdrawal limit for additional surgical procedures may go from $750 to as much as $2,120, and this all depends on the delivery procedure required in your case.

5. Cash rebates can be used for your maternity costs

A credit card dedicated to helping parents save on expenses linked with hospital stays and maternity scans may be unheard of. However, you still have a chance to use your credit cards for cash rebates and increase your savings at the same time. Now, that’s great news for parents who want to cut down on child delivery costs.

For hospital bills that run up to several hundreds of dollars, a cash back card can be used to help you get some rebates. The UOB One Card, for instance, offers a 5 percent cash back when you spend about $2,000 monthly for three consecutive months. During the last trimester, you can easily reach this amount, as well as in paying hospital bills. So, for this quarter, you can earn up to $300 worth of rebates.

Take-Away Points

Saving money when you have a newborn seems like a very challenging task to achieve. However, with these smart and practical tips, you can boost your savings without compromising the health and well-being of your child. It is all about setting priorities and sticking to your budget while making use of rewards and benefits that you can get from your credit card when you pay for your maternity expenses.

But most importantly, it helps to be prepared before you decide to have a child. Have some savings ready for this important phase in your life and make it a point to consider these suggestions that will surely allow you to experience a stress-free time in meeting your child’s needs without straining your budget.

Published On: December 8th, 2017

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