Having a Baby? Here’s How You Can Save Money!
A baby is always a blessing, but there’s no denying that having a baby is an expensive venture! Therefore, learning how to save money when having a baby is very wise. According to the USDA, it cost an average of between $13,000 to $15,000 each year to raise a child. From medical costs to childcare, there are many expenses that must be taken into account. However, there is no reason why having a bundle of joy has to reek havoc on your finances.
Here are a few tips on saving money during your baby’s infant and toddler years!
- Conduct a comparison on local area hospitals and their services and costs.
Although many new mothers perform meticulous research on which hospital or birthing center they want to use, rarely do they think to compare the upfront delivery charges or consider what their insurance provider will cover during their stay. What providers cover will vary from one insurance plan to the next, as well as procedure costs, so carrying out a comparison can save you a significant amount of money. Be sure to do your research in advance so you won’t end up with the stress of a huge hospital bill at the end of your delivery.
- Consider using cloth diapers.
In a study conducted by The Simple Dollar, it was determined that the average cost of diapering a child for two years using traditional disposable diapers was approximately $2,220. For parents who used cloth diapers, the average for the same time period was under $2,000. While this difference might not initially seem significant, but if you plan on having multiple children, the amount of money it saves will be considerable since the startup cost for cloth diapers has already been covered.
- Rethink what you “need” to buy.
As a new parent, your natural instinct is to buy your little one the latest and greatest of everything, but the cost of doing so can quickly add up. For example, do you need really need a wipe warmer? The temperature of a baby wipe is going to have little to no effect on how your baby responds to late night diaper changes. He or she is going to be unhappy either way. Other traditional “must have” items you might want to reconsider buying include baby bathtubs, bottle warmers, and infant crib shoes.
- Don’t say no to secondhand.
For soon to be mothers on a budget, consignment sales, swap meets, and thrift stores can be a godsend. Your baby is going to care less whether what he or she is wearing is brand new, what brand it is, or what label it has on it. Don’t waste your hard-earned money on over-branded clothing. Focus on less expensive and generic items for the first few years. We suggest using a baby safe detergent to wash the clothes in advance. This will be an awesome way to save money when having a baby.
- Schedule regular solo time for yourself.
Last, but not least, multiple studies have shown that people tend to spend money more recklessly during stressful times. While having a baby will be one of the most rewarding experiences of your life, it is important to take regular breaks in order to de-stress. You’ll be a better parent for it, and with a clear head, you’ll be able to make smarter financial decisions. If you are unable to afford a babysitter, try to barter with other family members or close friends to receive babysitting services.
When you have a child, money should be the least of your worries. Use these tips before your baby arrives to prepare for financial success as you enter the new world of parenthood.