12 Tips to Survive Parental Leave Without Going Broke

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12 Tips to Survive Parental Leave Without Going Broke
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Having a baby is exciting!

The bills that come with your bundle of joy? Not so much.

To make matters worse, many parents lose some or all of their income when they take time off work to care for their wee one.

A new report by Pew Research sheds some light on just how much of a strain parental leave puts on the household budget.

Around six out of every 10 workers (57%) with household incomes under $30,000 don’t receive their full pay when taking parental leave after the birth or adoption of a child.

Of course, their bills didn’t magically go away, so the money to pay them had to come from somewhere.

  • 48% turned to public assistance
  • 46% put off paying their bills
  • 45% borrowed money from family or friends
  • 37% cut their leave time short

These solutions aren’t exactly ideal.

12 Ways To Survive Parental Leave Without Going Broke

In an ideal world, new parents wouldn’t have to choose between staying home with a new child or paying the bills.

Unfortunately, that’s not the reality for a lot of people.

Here are 12 ways to get by on a reduced income while enjoying parental leave for as long as possible.

Your turn: What’s your best tip for saving money when there’s a new baby in the house?

Lisa McGreevy is a staff writer at The Penny Hoarder. She loves seeing new baby pictures -- both human and furkids. Share them with her on Twitter @lisah.