When you’re an expectant parent, it’s easy to overspend in an effort to make everything perfect for your first born. Oftentimes, first time parents receive a rude awakening to just how expensive baby costs can get. However, second time parents are at a financial advantage because they can reuse the baby items they bought for their first child. This allows them more freedom to splurge on more expensive items like fancy cribs, organic baby clothing, and baby furniture. First time parenting experiences can teach parents a lot. After going through it once, parents have a better understanding on which items might be okay to skimp on, and where quality should outweigh cost.
Whether you’re a first time parent or not, baby experts suggest that parents begin budget planning as early as they can.
It’s important to sit down and understand who will be supporting the baby financially. This list should include support from one or both parents, any contributing grandparents, or aunts and uncles. Next, the parents need to identify the baby’s essential needs and wants versus overall income. It’s a good idea to prepare a spreadsheet to help with your budget. Identify all income, immediate costs, along with costs you anticipate down the road. This will give you a general understanding of day to day budgeting and where you stand financially.
Your list should include 7 major categories. Never rule out hand-me-downs, as these can help you save hundreds of dollars in baby care expenses. Keep an eye out for deals on the web, thrift stores, and anywhere for the following items:
1) Baby Supplies
2) On-the-Go Gear: Stroller, car seat, diaper bag, toys
3) Nursery Items: crib, changing table, basinet, high chair, mattress and bedding, glider or rocker, dresser, decorations, diapers, wipes, baby bath, wash cloths and towels, more toys
4) Baby food
5) Baby clothes
6) Stuff for Mom & Dad
7) Future costs like child car