Dos and Don’ts for Saving Money on Baby
If you are ready to welcome a new bundle of joy to your household, you probably already know they can be expensive. One study from the AMP and the National Centre for Social and Economic Modeling showed that it costs the average parent just over $450 per week to raise a kid.
When you consider just the initial expenses (medical bills, baby supplies, time off work etc.) the financial impact a little one can have on your home can seem enormous, especially considering their size! While having a new little one can cause financial concerns, you can help offset those costs by taking steps to save money. Here are a few dos and don’ts to consider when trying to save money on your new little family member:
Register for a baby gift registry. Let family and friends buy items for a baby shower or just because. Getting gifts (even if it is cash), is the easiest way to save money on baby expenses. When you sign up for a registry, you can ensure you get the items you need the most.
Do not overstock on newborn gear
Buying boxes of diapers ahead of time can be a lifesaver (and a sanity saver), however, many new parents make the mistake of stocking up on newborn diapers and newborn onesies. It is almost impossible to tell how big your little one will be beforehand, so they may not even fit newborn anything when they are first born. Even if they do fit them, they will outgrow newborn items very quickly. Stick with a box or two of newborn diapers, and a few outfits and stock up on the slightly larger sizes so they last a bit longer.
Do take up benefits
One area that many Brits don’t take advantage of are benefits. There are numerous family benefits available to help out with the costs of having and raising a baby. Make sure you explore all options based on your circumstances. There are benefits for both low income earners and others.
Do not go into debt
It is important to watch your spending and not to go into to debt while in nesting mode. Its easy to get carried away with a baby and charge up store and credit cards while acquiring baby goods and furniture. Kids grow up quick, you don’t and shouldn’t buy everything new.
Do consider cloth diapers
If the idea of washing the diapers is not appalling to you, you can save a lot of cash opting for cloth diapers. While the initial upfront cost is a tad pricey (diapers, covers, rinsing hose you connect to your toilet), the savings add up, especially if you end up having more children.
Do not buy every new gadget
Pick one or two items (a swing and a bouncy chair a great options) and ignore the other fancy gear. You really do not need every fancy gadget on the market. If you want to purchase some of these items, consider buying used. You can save a lot of money on monitors and floor mats by purchasing them used.
Do not buy a used car seat
You may want to save cash any way you can, but just plan to pay full price for your car seat (and maybe even crib). Purchasing a used car seat is dangerous and unwise. Most car seats have expiration dates and if they are damaged in any way, they could be less effective.
If you opt to buy a used crib, make sure to do a thorough inspection and make sure the crib is safe for baby. Loose screws, wobbly frames and slats that are too far apart are very dangerous.