5 Tips to Help New Parents Avoid Bankruptcy

Posted on 19 July 2018

Keep Track of Your Finances and Avoid Bankruptcy While Adjusting to Life with a Newborn

Congratulations! You’ve just brought home your tiny bundle of joy – and all of the sleep deprivation, feedings, and diaper changes that come with a new baby. You are definitely too busy to think about how to avoid bankruptcy in your future, but it is important to think about nonetheless. Planning well is the key to living life as a debt-free parent.

New babies definitely add to your monthly costs – and typically at a time when your household income is decreased. While one (or both) parent on parental leave at a reduced monthly salary, the last thing you need is an imbalance in your budget that could eventually lead you to bankruptcy. If you are looking for financial tips to help you avoid bankruptcy, we’ve got you covered.

Shop for sales, sign up for newsletters and reward programs

You can easily avoid bankruptcy by adjusting what you spend – before you get yourself into financial trouble. We know that new parents don’t always have a lot of “downtime” but in those rare moments, browse online flyers and look for deals on diapers, formula, diaper cream and other supplies for your baby. Sign up for newsletters and reward programs to have discounts and offers sent directly to you. Even a busy new parent can find time to scan a couple of emails a week.

Order Online

Online ordering can help save you quite a bit of money by presenting you with offers you might not find in local stores. Be sure that you find the right, reputable offer and that you will receive free shipping. Plan ahead, spending a little more now to save later may be worth it. Added bonus – you don’t have to go out to the store and can have baby supplies delivered (you may just have time for a nap or a long relaxing shower).

Network, join local groups with other new parents

Mommy (and Daddy) groups are a great way to network and get to know other parents with new babies in your community.  Getting to know local parents with new babies just like you can lead to great tips on how to save money and there is also a potential for hand-me-downs or shipping buddies to share costs on online orders.

Prepare meals in advance and freeze them

Don’t forget to feed yourself. If you don’t plan your meals you may find yourself spending more on takeout when you’re exhausted. You can find many great recipes online that you can prepare in advance. Search for crockpot recipes and freeze until you need them. You can also load up on your favourite healthy snacks. Make them accessible to you (chop veggies, cheese cubes, crackers, nuts and fruits). Make it easy to reach for them while your baby is sleeping. Convenience saves money and facilitates better self-care so that you have stamina to meet the demands of your little one.

Shop at thrift stores, visit buy/sell groups and yard sales

Babies grow really fast. Many parents receive clothing, furniture, strollers, etc. as gifts when a baby shower is thrown by friends and family. You may have been gifted many of the things your baby will need. But it won’t be long before he/she is growing out of the sleepers your friends bought you. Thrift stores, online buy and sell groups and yard sales are all great for used items for your growing baby. Clothing can be easily found and in good, nearly-new condition. Remember, the original owner likely only wore them for a short time (they were growing up fast too). Unlike the hustle and bustle of a mall, thrift shops can be friendly places to shop with a nursing infant. Don’t be afraid to get out of the house and plan a thrifty shopping trip with your new baby.

If you’ve already got a lot of debt and are worried about what to do while off work, seek help. Call one of our licensed insolvency trustees, 310-4321 and schedule a free consultation to discuss your options. At Spergel we welcome you and your baby to visit any of our locations. Discover your path to debt freedom.

Helpful starting information:

What to Bring to an Appointment

To get the debt help that you need, please bring a list of who you owe and how much to each, a list of everything you own and your monthly household budget. Don’t have everything right away? Don’t worry – We will guide you through each step.

Download Form

Your Information

We’ll walk you through our application process. But, if you want to prepare for your debt free assessment consultation in advance, download our information form and fill in what you can.

Download Form

Calculate Your Debt Repayment Options

How can you compare your debt repayment options if you don’t know how much they will cost you? Your solution will become much clearer when you are able to compare costs.

Debt Calculator

Ready to Be Debt-Free?

If you’re ready to be debt free, it’s time to meet with one of our knowledgeable Licensed Insolvency Trustees at your convenience and get started

Meet with a trustee