Adding to your Family? How to Save Money when You’re Having a Baby
Having a baby is an exciting time in your life. You’re obviously expecting your life to be very different once that little bundle of joy arrives. However, you may not be quite prepared for the impact that baby will make on your professional life and finances.
Here are some ways to save money when you’re having a baby:
Breastfeed (if possible)
Obviously, this isn’t going to be possible for everyone, but many people forget about the economic benefits of breastfeeding. You’re likely to save close to $1500 if you breastfeed for the first year compared to feeding with formula.
Breast pumps are also very expensive, but these can be borrowed, just replace the plastic attachments and you can save between $800 and $150.
It can be tempting to buy baby clothes in advance, but you never really know how quickly they’ll grow. Your newborn could have a growth spurt, and all of a sudden that winter coat you bought will no longer fit him when the cold weather arrives. You can get inexpensive onesies, and these are often marked down.
Large, sudden expenses may arise, such as health care or new furniture. It’s always best to have money put away for such occasions, but if that’s not possible, consider a fast loan from a parent or secure financial company that you can pay back gradually.
Pay off your Credit Cards
The last thing you need to be worrying about is your credit card debt. If you’ve recently found out that you’ll be adding to your family, now’s the time to look at your finances. If you’ll be on maternity leave, you’ll likely have less money available to pay off debt, so it makes sense to attack as much of it as you can before the baby arrives. Once you reduce your credit card balance, be sure to reduce the amount of credit available if you tend to impulse buy.
Buy in Bulk
For things like diapers, wipes, formula, or baby cereal, going wholesale is a good idea. Some companies will also let you exchange for a different size if your infant has one of those growth spurts, so stock up, but keep the receipt! These are the types of things you can buy in advance, so you have fewer to buy when the baby arrives.