Pinching Pennies with Baby
Author: Jeannie Fleming-Gifford
With baby here, you may find yourself starting to think about the financial impact of this little one. You may have chosen to leave the workforce or are on maternity leave for a few weeks or months. Perhaps you are simply trying to work through how to tackle medical bills or the typical costs of adding a family member. There are things you can do to take control of your finances.
Keep it simple:
Babies don’t care if they are wearing the latest fashions. Chances are, they may need a change of clothes a few times a day. Basic sleepers, onesies and other basic infant wear provide a no-frills (and lower) cost option for dressing baby. And baby shoes? Yes, they are cute, but until your child is walking (and they need protection for those toes), there is no need for shoes.
Breastfeed:
If you want to save some money, one way to save significant costs is to breastfeed. A can of formula can cost upwards of $25 and may last for week. After your milk is established (generally within a month), begin pumping (simple hand pumps – costing under $50 - work well and will also save you some money versus the investment in a fancy electric pump). Begin freezing a supply for days to come. This will not only provide you convenience to offer your baby a bottle when you are not able to be with them, but will save you money in the long run.
Cloth Diapers:
Babies can go through upwards of 12 diapers a day. With a bundle of diapers costing $10 or more, the investment in cloth diapers is a great way to save money. Additionally, you can feel great about doing your part to minimize the environmental impact caused by using disposable diapers.
Coupon Cutting:
If you need a baby product, chances are there is a coupon for it. From diapers, to wipes, to baby wash, it’s worth a quick look through the coupons to save a few dollars. You can find coupons in the Sunday paper or here. It may be worthwhile to join a few lists that offer coupons via email. Chances are, you will also be bombarded with mailings from major companies that cater to babies. Many of these mailings contain valuable coupons. There is no need to pay full price for a product.
Consider Additional Household Cost-Cutting Options:
With a newborn, your routine has most likely changed. It’s a great time to step back and think about what changes can be made to also lower costs. You may find it easier (and more relaxing) to dine in the comforts of your own home during these early days versus eating out at a restaurant. Renting a movie from your local library for an in-home date night will also save you dollars. Although you may be feeling the pinch, don’t cut items that will help take care of you. For instance, a post-baby haircut or pedicure is priceless and you are worth it.
Making a few changes may make you a little more money!