Having a baby is one of the most joyful experiences in life, but it also comes with a hefty price tag. According to the Brookings Institution, a middle-income family with two children in the United States is projected to spend $310,605 to raise a child born in 2015 through the age of 17 by 2032.
Parents are always searching for deals, discounts, and anything that will make baby gear last longer. Others go the hand-me-down route or check out low-cost baby products, or make a concerted effort to save.
Invest in Multifunctional Baby Gear
Investing in multifunctional gear is one of the smartest ways to save money when shopping for baby essentials. Instead of buying separate items, consider products that serve multiple purposes.
Take Maxi Cosi, for example. They offer two-in-one travel systems to accommodate a baby’s travel needs from infancy to toddlerhood. This reduces the need to purchase new equipment as your baby grows, ultimately saving you money in the long run. For more details on multifunctional equipment, go to the Maxi Cosi website for more.
The advantage of using multi-purpose products is that they are both practical and economical. Purchasing an all-in-one solution, such as a travel system, offers you more bang for your buck. Additionally, many of these items tend to last much longer and are adjustable as your child grows. The initial investment can be steep, but it pays off over time when you don’t have to shell out cash for baby gear continually.
Cycle the ones that fit your requirements, do the homework and trial by travel systems. Seek out those that provide a stroller and baby capsule in one purchase so that you can be confident the product is safety-tested as well as suited to your way of life.
Buy Second-Hand Where Possible
Another great way to save money on baby expenses is by buying second-hand items whenever possible. Babies outgrow clothes, toys, and furniture quickly, meaning there’s often a surplus of gently used baby items in excellent condition.
The major benefit of buying second-hand is the potential for huge savings. Instead of paying full price for items that will only be used for a short time, you can pick up essentials for a fraction of the cost. Additionally, this is an environmentally friendly choice, as reusing baby items reduces waste and encourages a more sustainable approach to parenting.
However, not all items are safe to buy second-hand. For instance, products like car seats, cribs, and mattresses may have been recalled or could have hidden wear and tear that affects their safety. It’s important to research which items can safely be purchased and which should always be bought for your baby’s well-being.
Opt for Breastfeeding
Breastfeeding can be cheaper than feeding your baby formula. In addition to the financial implications, breastfeeding also offers health benefits for both mother and baby. It provides vital nutrients tailored to your baby’s needs, also highlighting the connection between mother and baby. It can also lower the baby’s risk of certain health conditions, such as infections and allergies, which may result in fewer doctor visits and reduced medical costs.
Formula feeding is likely to be quite costly in the long run. A year’s supply of formula can range from $760 to $2,280, depending on the brand and type. Or maybe not, breastfeeding does have some upfront costs: breast pumps and nursing gear, but those only have to be purchased once. Yes, breastfeeding tends to require a little more time and effort from the mother. Still, over a year of feeding, there is zero cost associated with formula, which makes breastfeeding extremely economical.
Limit Spending on Newborn Clothes
It can be hard to resist the urge to stock up on sweet little outfits for your baby, but keeping the baby clothes you purchase to a minimum is another way to save money. Babies are constantly changing during the first few months, and it’s common for clothes to come and go in a matter of weeks. That means many newborn outfits will only be worn a few times before they’re too small. If one focuses on what they need to wear - comfortable and practical clothes – they will save themselves a bundle.
The benefit of sticking to the basics is that you’ll save money without compromising your baby’s comfort. Newborns need frequent clothing changes, so it’s best to prioritize easy-to-wash and durable fabrics. Simple bodysuits, onesies, and pyjamas are practical options that can be worn often and washed regularly without wearing out. You’ll also save time and money by reducing the number of unnecessary outfit changes.
To make this happen, limit your baby’s wardrobe to a handful of essential pieces in each size range and resist the urge to buy a multitude of fancy outfits. You might also consider second-hand clothes, which are frequently in excellent condition and significantly cheaper. You can also borrow clothes from friends or family members.
Final Thoughts
Having a baby is expensive, but there are ways to save money on raising a little one. If you want more tailored suggestions, consider seeking advice from parenting experts or financial planners who can help you create a budget that best suits your family.
