Cost of a Baby: How to Save on Childcare
Having children is a huge milestone in many adults’ lives, so it’s no surprise that many people are talking about the increasing costs. A recent CDC study found that the average age of first-time moms jumped up by almost an entire year from 26.6 years old to 27.5 years old, suggesting more people are waiting longer to have their first child. While some of the reasons for this are personal, the cost of a baby weighs heavy on many aspiring parents.
The good news is the cost of a baby doesn’t have to be so daunting. With some research, thought and budgeting, affording a baby can be within reach. Below is a list of a few ways you can save money in the first years of a child’s life.
SEMI-ANNUAL SALES & COUPONS
One of the simplest ways to save on essential items like formulas and diapers is to sign up to receive coupons from your brand of choice. If you use coupons during the semi-annual sales, you can really rack up the savings by buying in bulk! However, be careful not to buy too many diapers of a certain size. Some infants may grow out of a certain size faster than you think.
THRIFTING
It often doesn’t make sense to spend big buying new clothes during your baby’s first few months and years. Kids tend to grow out of them before they’ve gotten full use! Try visiting local thrift shops to find gently used onesies, swaddles, blankets and more. If it’s an option, you could even try asking family or friends if they have any old baby clothes or toys they would be willing to give you. How sweet would it be to have a photo of your child wearing the same silly dinosaur onesie you once wore as a baby?
COMMUNITY SUPPORT
When considering the cost of a baby, the importance of community as a new parent can’t be overstated. Whether it’s family, friends, or neighbors, they may provide low-cost babysitting or free supplies. They may even be a source of emotional support as much as financial support. If you find yourself lacking community, there are many free local events where you can meet other parents who can act as a mutual support network.
AUTOMATIC SAVINGS
Not only is a budget a practical tool for affording the cost of a baby, but setting up an automatic transfer to a specific savings account just for childcare can be a game changer. You can set this up before or when you first become pregnant and contribute as little as $10 per month. You would be surprised how quickly it adds up when you start early! It could be used to decorate the nursery, fund babysitters, or anything else you’d like to save for.
While it may make financial sense for some parents-to-be to wait on a bundle of joy, there are many ways to mitigate the cost of a baby. We encourage everyone considering a baby to look at their options, whether it’s couponing, thrifting, automatic savings or leaning on community support.