How To Save Money For Travel After Having A Baby

Newsflash: babies are expensive. No matter how you slice or dice it, the new (and very cute) member of your family will add a whole new layer of complexity and decision making when it comes to money matters in your home. And while there are many ways to stretch your dollar and build wealth, most people jump straight to cutting expenses. One of the first things to go? The travel budget. This makes me super sad because travel is one of the most enriching and rewarding gifts you can give your growing family. The memories made are truly priceless. So, in an effort to help you guys hold tight to those family vacays, I’m sharing a few tips on how you, too, can save money for travel after having a baby…

First, let’s address the elephant in the room: yes, I’m a full-time travel blogger which means my press trips are covered by the tourism boards I partner with. But most of those trips are solo, business travel strictly meant for research/capturing content so I can share stories and tips with you guys. When it comes to family vacations (from weekend getaways to multi-week trips abroad), we have to budget and save up cash just like every other family. Here’s how we do it:

10 Ways To Save Money For Travel After Having A Baby

1. Make Your Money Work For You – Cutting expenses will certainly help free up extra dollars, but when you look at the big picture it’s where you decide to put your money that will have the greatest impact on your growing family. Cue high interest bank accounts. But not all are created equal so I suggest considering a bank that’s doing things a bit differently: Manulife Bank. Did you know that Manulife Bank’s Advantage Account gives you the flexibility of a chequing account with the interest rate of a savings account? Yup, you can make more money on the money in your account with the high interest rate & it can add up fast! In fact, it’s even been deemed the “most useful savings account in Canada” by the Globe and Mail (more on that here). Right now, the innovative digital bank has a promo interest rate of 2.40% on EVERY dollar with their Advantage Account (the promo runs until August 31st, 2018 and will be 1.25% afterwards). This is a great way to make your money work for you without the risk of dipping your toes into investing, which many find daunting.

2. Shop Around For Groceries – While every family has their go-to grocery chain, over the years I’ve found that hopping around from store to store can result in big savings (I’m talking hundreds of dollars a month). Although it took a few years to get into the groove, we now only buy items that are on sale and know exactly where to head for the best bargains. The key here is to actually look at the prices and not assume that if you go into a budget-friendly shop you’re getting the best deals. Oh, and never EVER go grocery shopping when you’re hungry or in a rush — you’ll buy everything in sight!

3. Make Your Own Baby Food – Speaking of groceries, stick to buying fresh ingredients and make your own baby food. Not only is this a healthier option and better for the environment (given the crazy amount of packaging), but making your own baby food will save you a ton of cash. Do we give Little L pouches/snacks that are packaged? YES. Especially when we’re on the run, but the majority of his meals are made with love in mamas kitchen.

4. Eliminate/Reduce Unnecessary Fees – I’m talking about alllll kinds of fees here. From the extra dollars slapped on by airlines for luggage (pack light my friends, it IS possible) to the much-loathed bank fees. Perhaps this is another reason to sign up for the Advantage Account at Manulife: you get unlimited transactions when your balance is over $1,000. This, my friends, is a way to save a lot of cash in the long run because we all know that transaction fees add up.

5. Utilize The Sharing Economy – We live in an incredible era where technology has given rise to a whole new level of sharing. This means you can save AND make money if you choose to participate in things like ride-sharing (Uber) or home lending (Airbnb). Just pop online and you’ll find community hubs (like Buy Nothing Facebook groups or Swapsity) where you can pretty much share anything you want. This is great news for parents since you can share/swap everything from clothes to toys! And when they’re big ticket items (like cribs/bouncers/bassinets etc.) participating in the sharing economy can save you thousands of dollars.

6. Reduce Transportation Costs – One of the biggest ways we save cash? Hubster and I walk EVERYWHERE. That’s because we’re fortunate enough to live downtown, but regardless of where you live you can still opt for public transit to cut costs. Yes, it can be tempting to hop in a car/Uber/taxi to get around, but if you’re really serious about saving funds for travel after baby this is one area of your budget to keep a close eye on. Gas, parking, Uber/taxi fares add up fast!

7. Sleep On It Before Making Big Purchases – We’ve all been there: you walk into a store and fall in love with something you’re convinced you must have. I’m here to tell you that it’s okay to walk away — 99% of the time it will still be there the next day so it’s always best to sleep on it before spending the big bucks. Whether it’s an ultra modern crib or a new kitchen appliance, chances are once you leave the store/online shop you’ll be able to better assess if it’s something you truly need.

8. Embrace The Minimalist Life – We live in a condo so everything that comes through our doors serves a purpose. Every inch of our space is prime real estate so we only buy/keep what we truly love. It takes a while to get used to this style of living, but once you adjust your mindset and consciously evaluate the stuff accumulating in your home it will ultimately change your spending habits too. Easier said than done, I know. But it’s worth a try so you can head on more family vacays!

9. Lower Your Energy Bills – Did you know that turning down your thermostat even one degree can save you around 3% on heating costs? Yup, try setting it at 18 degrees while sleeping or when you leave the house and that can reduce it even further up to 10% according to Toronto Hydro. And as my immigrant parents drilled into my head: turn off those lights! But when they are on, consider switching to LED to save money and energy. Oh and eliminate phantom power (all those electronics plugged in throughout the day use up electricity) and seal up any cracks letting in cold air with a caulking gun.

10. Find Free Family Entertainment In Your City – I’ve quickly discovered that entertaining a baby can consume a good chunk of our budget so I’m always on the hunt for free things to do in Toronto with Little L. My saving grace has been the EarlyON centres which are free drop-ins in Ontario. We also love Baby Time at our public libraries, free festivals and exploring public spaces (High Park, Graffiti Alley, Trinity Bellwoods and the Waterfront are a few faves). There’s tons of free entertainment in all cities — you just have to look!

I hope the ten tips listed above help you guys bank up some dollars for those precious and memorable family trips. It can be a bit challenging at first, but once you get into the swing of things you’ll be able to funnel some cash into your vacation fund. Happy travels!

A huge thanks to Manulife for sponsoring this post so I can share my tips with you. As always, reviews and opinions are my  very own. 

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