Baby Budgeting 101
It’s no secret that babies can be expensive. A baby’s first year can cost more than $10,000 on average. That’s a large portion of a yearly salary for some parents.
Don’t get caught up in the stress when there are easy ways to cut expenses.
- Say yes to a baby shower. Register for diapers, wipes, and more expensive items like a stroller or breast pump. Let those who are willing to buy have first crack at the costly items, then see what is left on your list.
- Accept hand-me-downs. Many moms are eager to clean out their stash of baby clothes and toys. Take donations before you spend money on clothes or baby gear.
- Join a coupon club for diapers. Many brand-name diaper companies offer coupons to moms who register online. Ask your friends and family to be on the look-out for diaper coupons for you, and check weekly store ads to take advantage of big sales when they come around.
- Shop consignment, and sell consignment. Check out second-hand stores for steals on toys, clothes, baby gear and more. Then when your baby outgrows certain clothes or gear, sell it back for cash or store credit.
- Create a baby budget early. Start budgeting your money for baby expenses while you are still pregnant. Set aside that money as early as you can, and you’ll have a nice cushion when your baby finally arrives.
- Breastfeed! Formula costs an average of $1,500 in your baby’s first year. Look to your local hospitals or health department for lactation specialists if you need help. Your health insurance may help cover the cost of a breast pump if you need one.
Do you have any budget tips for moms with a new baby? Share them below!