Recently, I was invited to a couple of baby showers. Neither had gift registries so I did my shopping at a local department store. I suffered from sticker shock when I saw the prices of these essential items. Below are pictures I took while shopping. The Good Start formula costs $22, the basic car seat costs $80, and the swing is $119. This is from a discount department store. I started to think of the recurring costs of diapers, bottles, clothes, cribs, strollers, high seats, toys etc. Not to mention the pre-natal care and other hospital expenses, lost employment wages, childcare, and additional health insurance premiums. Having a baby can really add up!
Here are some cost basic saving methods:
– Cloth diapers vs. disposable can save nearly 50% if the diapers are laundered without the use of a laundry service
– Breastfeeding eliminates the cost of formula
– Purchase items from consignment shops whenever possible (babies won’t know the difference between a new toy and a used one!)
I’m not a parent, so I’m really interested in hearing from you all.
Update: Financial Fizzle mentioned their baby financial expense tracker in the comments. These are real numbers from month to month that I thought others may want to follow.
What money saving tips have you used? When do you start planning financially for a new addition? Did you go overboard spending or did you seek out bargains?