My spouse and I are thrilled to welcome our first child in the upcoming fall season. Lots of emotions are whirling, and like all first-time parents, we want nothing but the best for our baby. Despite this, we question – at what expense?
The cost of bringing up a child can be quite astonishing. We anticipated expenditures, but the array of necessary items a little one needs had us flabbergasted. Even if we aim for simplicity, we continuously discover items essential for the baby.
As of now, we have just spent approximately $40 on our new family member and plan to maintain our economical streak. Here’s how we’re making savings.
GO FOR A GENDER-NEUTRAL THEME
We’re investing in our first child with intentions to repurpose these items for future children. If you’re mulling over a gender-reveal test, reconsider for simply this purpose. We chose to keep our baby’s gender under wraps, preventing us from making gender-specific purchases.
This strategy will also limit excessive gifting of baby apparel at our baby shower, instead guiding our loved ones towards useful items we really need.
Drawing from our friends’ experiences, we understand that while receiving mountains of adorable baby outfits is heartwarming, these clothes only fit for a brief period. In contrast, baby essentials like burp cloths are more useful.
PURCHASE ONLY WHAT’S ESSENTIAL
We’re sticking to a minimalist approach. For our baby registry, we’ve carefully selected only necessary items and dismissed ‘nice-to-have’ objects such as a baby swing.
Despite the rave about baby swings, opinions are varied and some babies simply don’t take to them. We’re holding off on splurging on through-the-roof priced items that the baby may discard until we’re in need.
We won’t rush into buying anything until after our baby shower, preferring to hold off against good deals to see what necessary items are yet to be procured.
Having a baby only drains your wallet as much as you allow it. Make a saving plan!
BALANCE THE SPENDING: LAVISH ON ESSENTIALS, ECONOMIZE ON NON-ESSENTIALS
Essentials to us are items that ensure the baby’s safety and will serve us long term, like a car seat and a stroller. We won’t compromise safety over cost.
In contrast, for non-essential items, we’ve been scanning VarageSale, Craigslist, and Facebook groups for cost-effective used items. For the most part, you can obtain quality used items like a bouncer, clothes, toys, books, diapering supplies, etc, with a significant markdown – a real steal!
INVEST IN A COLLEGE FUND NOW
Financial planning for children includes considering the future. While we’re hopeful for a resolution to the college debt dilemma burdening recent graduates, we can’t merely bank on government aid. Our strategy is to start saving now to safeguard our future.
A monthly contribution of even just $100 into a college savings plan will help accumulate a reserve for our children. We don’t aspire to pay for their entire college tuition, but being able to contribute will certainly alleviate some financial stress.
Raising a child undeniably has a financial impact, but it doesn’t have to break the bank. By adhering to this economical and minimalist approach, we hope to maintain low child-rearing expenses.
How did you manage the costs associated with a new baby? Which items did you forego, and which were crucial? Let us know.
