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The decision to start a family is the beginning of a magical and expensive journey. With the rising costs of many purchases, adding a little mouth to feed can create some financial uncertainty. Currently, the average cost of raising a child is around $300,000, that’s not even accounting for college! It’s true, kids are expensive, but that doesn’t mean you can’t be proactive in finding ways to eliminate costs and save money so you can spend more time loving your child rather than stressing over expenses.
It’s easy to get caught up in a first-born frenzy, but try not to overspend on the baby! Being strategic with your spending can save you lots of cash down the line. For example, prioritize baby gear that will grow with your tot rather than shoes that they can’t even wear yet. You might consider avoiding shopping at expensive department stores and instead going to used clothing or consignment stores. Family hand-me- downs or making your own baby food instead of buying jars of it are some other approaches to saving money on essentials. Minimizing daily actions that add up, like taking shorter showers, cutting back on AC, or unplugging rarely used appliances, can also help reduce monthly expenses. Just remember that each dollar saved is another dollar towards your beautiful baby’s future.
Raising and providing for a child shouldn’t be tackled alone. Financial challenges can be addressed head on when you go at them with your partner, family, or friends. You may consider merging your expenses before the baby arrives to save yourself some of the stress that might come from divvying up costs. Asking those you are close to to help coordinate a baby shower and registry can be a great way to help you get those big ticket items like a stroller or car seat. And, if you receive something you may not need, you can always return it for some store credit to put towards something else. Nanny sharing or having a family member step in to watch your child is also another great way to save on things like daycare. Just be sure to be transparent and straightforward when having these conversations.
When things are all said and done, you’ll want to have the freedom to spend time with your baby and not stress about the future. By preparing and taking advantage of what you can control now, you’ll be able to stay ahead of those curveballs that could be tossed back at you. Be sure to give yourself grace and know that little changes and savings now can make a big difference later on.
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