Kids are expensive, there's no doubt about it. Raising a child through college can easily cost more than a half million dollars, even counting on public university tuition. But there are ways you can start saving from day one if you a savvy consumer and smart investor.
Here are 10 tips to help your family save money and plan for long-term financial security:
Breastfeeding can save you thousands of dollars. In addition to the documented health benefits to your baby, you will save an estimated $1,500 in the first year if you breastfeed rather than formula-feed.
Choose luxuries wisely. While a designer diaper bag might me a fun indulgence, at the end of the day you still have to change dirty diapers even if you're carrying "Julia Roberts' favorite tote."
Avoid gadget overload. Discern between necessary, helpful tools and less essential gadgets like the electric baby-wipe warmer. A high-ticket item like a jogging stroller is great if you are a jogger, but it's an expensive piece of equipment to leave idle in the garage.
Shop for used clothing and equipment. Babies grow out of their gear so quickly that you can "recycle and reuse" perfectly good gear that you buy secondhand or borrow from friends--especially those who have only children.
Let others buy toys for your new baby. The truth is babies don't really need many toys. It's tempting and fun to run out and buy toys the minute the pregnancy test comes back positive, but you will likely receive more than enough toys as gifts.
Beware the baby-store up-sell. An excited expectant parent is an easy mark. Don't get caught up buying expensive decorative items, especially as they add on expense to decorative nursery sets. The $200 quilt that comes with many sets will have to stay hanging on the wall, not covering the baby, so why buy it?
Once your baby is old enough to leave with a babysitter, form a babysitting co-operative group with other families you trust. This will strengthen the bonds among families, allow you to have adult time with your spouse, and save you a great deal of cash.
Even while your children are young, make time to keep your job skills sharp. Maintain your professional contacts and take the initiative to schedule lunch or meetings with former colleagues in your professional persona.
Consider looming responsibilities as a member of the sandwich generation. Talk to your parents and in-laws about their long-term plans for health care and retirement. Smart planning now can help avoid a financial crisis in the future.
Don't put off writing your wills. About three-quarters of parents with minor children do not have wills--an unacceptable risk for any family. Your family cannot be truly secure unless guardianship arrangements have been made for your children.
These are just a few of the ways you can "budget for baby," without out cutting any corners. Remember, your first responsibility as a parent is to provide a safe, warm, and loving home for your children, and the best way to ensure such a home in the long-term is to manage your finances wisely.
Here are 10 tips to help your family save money and plan for long-term financial security:
Breastfeeding can save you thousands of dollars. In addition to the documented health benefits to your baby, you will save an estimated $1,500 in the first year if you breastfeed rather than formula-feed.
Choose luxuries wisely. While a designer diaper bag might me a fun indulgence, at the end of the day you still have to change dirty diapers even if you're carrying "Julia Roberts' favorite tote."
Avoid gadget overload. Discern between necessary, helpful tools and less essential gadgets like the electric baby-wipe warmer. A high-ticket item like a jogging stroller is great if you are a jogger, but it's an expensive piece of equipment to leave idle in the garage.
Shop for used clothing and equipment. Babies grow out of their gear so quickly that you can "recycle and reuse" perfectly good gear that you buy secondhand or borrow from friends--especially those who have only children.
Let others buy toys for your new baby. The truth is babies don't really need many toys. It's tempting and fun to run out and buy toys the minute the pregnancy test comes back positive, but you will likely receive more than enough toys as gifts.
Beware the baby-store up-sell. An excited expectant parent is an easy mark. Don't get caught up buying expensive decorative items, especially as they add on expense to decorative nursery sets. The $200 quilt that comes with many sets will have to stay hanging on the wall, not covering the baby, so why buy it?
Once your baby is old enough to leave with a babysitter, form a babysitting co-operative group with other families you trust. This will strengthen the bonds among families, allow you to have adult time with your spouse, and save you a great deal of cash.
Even while your children are young, make time to keep your job skills sharp. Maintain your professional contacts and take the initiative to schedule lunch or meetings with former colleagues in your professional persona.
Consider looming responsibilities as a member of the sandwich generation. Talk to your parents and in-laws about their long-term plans for health care and retirement. Smart planning now can help avoid a financial crisis in the future.
Don't put off writing your wills. About three-quarters of parents with minor children do not have wills--an unacceptable risk for any family. Your family cannot be truly secure unless guardianship arrangements have been made for your children.
These are just a few of the ways you can "budget for baby," without out cutting any corners. Remember, your first responsibility as a parent is to provide a safe, warm, and loving home for your children, and the best way to ensure such a home in the long-term is to manage your finances wisely.
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