Whether you’re planning to start your family soon or just welcomed a new child, you’ll want to find every possible opportunity to stretch a dollar. Here is a guide to help you welcome your bundle of joy without blowing a bundle of cash. The average cost of raising a child through his or her teenage years depends on whether yours is a single- or two-parent household and the area of the country you live in but generally ranges from $175,000 to nearly $250,000.
Find the Freebies
There are lots of opportunities for expectant and new parents to stock up on freebies and samples. Ask your pediatrician for free samples of a variety of necessities, from formula to diaper creams. Many hospitals offer goodie bags, too, so don’t forget to ask your nurse for your freebies!
Remember to Register
Registering for baby items is one of the most exciting aspects of preparing for your little one! Be strategic when selecting items, so you receive just what you need. After all the showers, return things you don’t want or received duplicates of in exchange for the items you need. Watch for coupons from the stores holding your registry following your showers and around your due date too!
Consider a Second Time Around
Babies grow so quickly they barely have time to wear out their clothes. Buying second-hand is an easy way to save money! Check out local consignment stores, resale, and thrift shops for adorable outfits, being sure to check for damaged buttons or zippers. Be open to hand-me-downs from family and friends or trading with other new parents in social media networks.
However, when it comes to strollers, cribs, and car seats, the experts advise proceeding with caution and doing your research to ensure there have been no safety recalls or defects that could injure your child.
Plan for a Bright Future
In the midst of all the excitement, it is important to create a budget and prepare for the cost of your new bundle of joy, just as you would for any other savings goal. Track your expenses along the way and review your budget regularly to ensure you’re staying on track.
To ensure your child has a bright future, create various savings accounts through SmartyPig and designate them for their future needs, including a college savings plan, a fund to travel as a family or even an account for their first birthday party!
There are many opportunities to economize from the early planning phase through the first few years of your child’s life. We hope you found some new ways to welcome your new addition while maintaining your budget and savings goals.