Raising children takes love and patience – and budgeting skills! MarketWatch estimates the cost to raise a child from birth to age 17 is more than $230,000 when factoring in housing, food, and childcare (excluding college).
So, during your baby’s first year of life, it’s important to start saving money wherever you can. We’ve come up with seven categories in which you can save money during your baby’s first year.
1. Feeding
When it comes to feeding, breast milk is considered to be healthier and more economical than formula. No matter which you choose, both methods have associated costs, which break down as follows:
- Breastfeeding: Exclusive breastfeeding is free. That said, many moms also purchase breast pumps and associated gear, including breast milk storage bottles and bags. However, even with these costs, many moms say they can save $500 to $1,000 a year compared to formula feeding.
- Formula feeding: Formula feeding has a direct cost. For this reason, many moms choose to use formula as a supplement to breastfeeding. Exclusively formula-fed babies also tend to develop more ear infections and digestive trouble than breastfed babies, so you might be spending more money at the doctor’s office as well.
As your child grows, it can be more cost effective to make your own baby food at home than to buy it by the jar. Baby food is essentially pureed fruits, vegetables, and proteins. If you have access to fresh produce and a blender or food processor, you can make and freeze baby food packets, which can double as teething aids. For older babies, you can puree a little of your meal before seasoning it and feed it to the baby (with a few rich food exceptions).
2. Clothing
Buying new baby clothes is fun – but it’s unnecessary. Let’s face it – the baby is going to throw up on and otherwise mess up these items, so there’s no need to spend a lot of money on clothing.
My advice is to purchase new items only for special occasions, and buy just a few basic pieces for day-to-day wear, including:
- Onesies: Buy several plain, inexpensive onesies at local stores, online, at garage sales, or at consignment stores.
- Pants: Same situation. Pants will be stained in no time, so try to avoid expensive bottoms.
- Socks, not shoes: Babies don’t need shoes in their first year of life unless there is a specific medical need. Choose cheap socks instead.
- Bibs: Snap or velcro bibs can help reduce staining of onesies (and the amount of laundry you have to do!). And when it’s time to start solid foods, buy a plastic bib with a pocket. You’ll save on cloth bibs and laundry there as well.
You can also consider adding items beyond newborn sizes to your baby shower registry if you’re having one. Babies outgrow newborn sizes quickly and asking for bigger sizes gives you the chance to accumulate clothing for the rest of the first year of life.
3. Nursery and vehicle items
Too often, new parents think their babies need every piece of furniture or travel equipment on the market. However, there are many multifunctional pieces you can buy instead of purchasing one of everything.
Consider the following questions before making expensive baby purchases:
- Can the baby’s dresser top double as a changing table?
- Can the car seat be used in rear- and forward-facing positions?
- Does the car seat snap into my stroller?
- Do we need both a baby swing and bouncy chair?
- Does this crib convert into a toddler bed?
- Do we need both a crib and a pack ‘n’ play?
Often, these items are available in great shape at consignment shops and garage sales. Two caveats: 1) Purchase a new or recently made crib instead of an antique crib. Safety features on cribs are updated regularly, and your baby’s health is the most important factor in your purchasing decisions. 2) Car seats should be bought new because you never know whether an old car seat has been through an accident, and car seats have expiration dates.
4. Diapers
Cloth diapers are more economical and environmentally friendly than disposable diapers; disposable diapers are convenient but more expensive. Either way, consider signing up for a subscription service that offers home delivery, automatic shipment options, and discounts for buying in bulk. This reduces cost and stress – no last-minute trips to the store for diapers.
Baby wipes are expensive, too. When my girls were small, we used Quickables instead. These cloth wipes were originally designed for adults with incontinence. You can purchase thousands of Quickables wipes at a time online. They’re free of chemicals and much cheaper than traditional baby wipes – just dampen them with warm water, clean up the baby, and dispose of the cloths.
