Save money while bringing up baby
October 23, 2009 by Jennifer Chait
Filed under baby products
It’s been estimated that it can take $284,000 to raise a baby to adult hood. That’s a pretty flipping high number. I’m betting you can lower it with some planning. Here are some general tips…
Never tell anyone your baby’s gender-to-be.
Start an emergency fund asap, I mean the second you find out your expecting, if you haven’t already.
Borrow most of your baby items. Regardless of what you may hear, it’s safe to do so.
Talk with an expert about the big issues. A good tax accountant should be able to help you plan for college, get the most tax returns on that baby, and help you plan for future needs.
Skip the baby life insurance, but review your own coverage and your partners to make sure your family is covered if the worst should happen.
Budget smartly for baby toys – this is basically one non-essential that’s money wasted if you go nuts.
Breastfeed – not only is it a HUGE money saver but it’s green too.
Plan ahead (WAY ahead) for maternity leave. Most Americans can’t afford to even take a decent amount of maternity leave, but if you plan you’ll be ahead of the curve.
What else can you think of?
[image via stock.xchng]
My daughter will be a year old in a few days. The two biggest money-savers for us have been breastfeeding and cloth diapering.
Cloth diapers do require an initial investment (I suggest a shower registry) but they pay for themselves very quickly – and you can reuse them for future babies, and resell them when you are done.
Cloth diaper and make your own baby food! These will both save you SO much money.