Are you expecting a baby? Have you recently had a baby? If so then you probably already know that the first year having a new baby in the house can be an expensive one. According to US Department of Agriculture data, the numbers pencil out to an average of $12,000 in the first year.
A recent story from Wall St. Cheat Sheet offers advice on how parents can shave down some of the costs accumulated in the first year. Here are some of their tips:
Saving Starts At the Hospital – Perhaps one of the biggest costs of a new baby is the delivery at the hospital. Do your research in advance and find out exactly what your insurance plan covers so you can budget before baby comes. One way some moms have chosen to save money is by skipping the cost of getting an epidural and having a natural birth. Be sure to discuss your options with your doctor to find a birth plan that is both economical and comfortable for you.
Choose Baby Food Wisely – Another huge chunk of new baby budget comes in the form of food. Breastfeeding is one way to save a lot of money on baby formula and many experts will tell you it’s more nutritious for baby as well. If you have a food processor, it’s also easy to make your own baby food rather than buying baby food by the jar.
Check Out Consignment Shops – Babies grow out of things at a rapid rate and we’re not just talking about clothes. Baby swings and car seats also have size restrictions. Be sure to do your research before you buy and try to get things that will last the longest for your growing baby. Be sure to talk to other parents whose babies have grown out of items to see if they are willing to sell or give away items that are no longer used. Baby-specific consignment shops also offer great prices on essential items like high chairs, cribs and strollers.
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