Rethink Your Wallet: A mum’s guide to spending

Hi Zesties!

One and a half year ago, budgeting was much more easier than now. Now, we have a new baby addition, budgeting has to be more conscious and intentional. There were many recurring costs (i.e. milk powder, diapers, childcare, etc) and we know all know that it is expensive bringing up a kid in Singapore.

Mindful spending isn’t about not buying anything; it’s about not buying everything. Mindful spending means making money choices that match your values and goals. Think before you buy – ask if it fits your bigger financial picture. Try the “wait rule”: pause a week on non-essential buys. Also, “pay yourself first” by saving before spending. As I grow older, I came to realise that mindful spending isn’t about strict budgets but about spending on what truly matters. By being more aware of your money, you can take control and find more satisfaction.

Here are some tips for start practicing mindful spending:

1. Prioritize Essential Expenses

Focus on necessities and non-negotiables first, like groceries, utilities, and childcare. This helps you allocate funds for what’s most important before considering discretionary spending.

2. Create a Family Budget

Develop a budget that includes all household expenses, saving goals, and extra spending for kids. Track every expense to see where your money goes and adjust as needed.

3. Embrace Second-hand Shopping

Buy gently-used items like baby gear, stroller, baby monitor, etc. Kids outgrow things quickly, so shopping second-hand is a great way to save without sacrificing quality. One popular way is to buy the breast pump machine/ motor from second-hand market like Carousell where there are many selling lightly used ones as some may not incline to or not continue with their breastfeeding journey shortly after they have started. After that, you can change off the breast pump parts such as funnel, duckbill valve, etc for personal hygiene reasons.

4. Take Advantage of Coupons and Discounts

Look out for sales, discounts, and use coupons, especially for baby and household products. Many stores or online marketplace (e.g. Shopee) offer discounts to help you save more on regular purchases. You may also join group buys in your area to tap on bulk purchases for economies of scale.

5. Borrow or swap baby items

Babies outgrow clothes, toys, and gear quickly. Borrow from friends or family or participate in baby item swap (i.e learning materials, books, toys) with your friends. It’s a great way to cut costs on items you won’t need for long. You'd surprised your baby will be super elated when they always get their hands on new toys. As for books, it is a great idea to borrow it from the library so that your kid can never get bored of them.

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