By Sarah Stewart Legal Group
Did you know the average cost of raising a child to adulthood in the U.S., according to 2015 statistics, is estimated to be $230,000? This does not include extras like private school or college education. This is just the bare-bone basics. Shocking, I know!
So, what are some tips experienced parents have to help new and expecting parents save and budget their money? Here are 6 tried-and-true tips!
(1) Plan for Formula and Diapers, and Then Budget More
Keep in mind the average child is not potty-trained until 3 years old. Yep, you read that right. Three. That’s a lot of dirty diapers to change! And newborns are expected to have at least 6 dirty diapers a day! So, budget for those added diaper expenses.
Also, prepare as though you will buy formula. Most mothers intend to breastfeed as long as possible. But, in reality, some mothers are unable to breastfeed at all, and others may find the task too difficult when returning to work. That may be because their employer doesn’t offer an adequate space, or because they are physically drained from constant feeding and pumping.
Whatever the reason, you may need formula sooner than you think. So budget for it from the start.
(2) Subscription Services
There are several subscription services available to new parents. These subscriptions usually come with some great savings. Amazon has Subscribe and Save, there’s also diapers.com, and other subscription services to explore based on your family’s needs. Check them out!
(3) Don’t Budget too Much on Toys
The truth is, most younger children do not play with many toys, or get bored easily with their toys. Consider establishing a 529 College plan instead of having a toy budget. Family and friends can contribute to the fund directly.
Other great “investments” for baby’s birthday include clothes, diapers, and books.
(4) Get Involved in Your Local Community
Local libraries are a great way to get social interaction for your children for free or low cost. Also, check out local playgroups and mom communities. Many are easily accessible online through Facebook or Meetup.com.
(5) Don’t Forget Those Extra Weeks
We all know a year is made up of 52 weeks. But, sometimes we forget those sneaky extra weeks. Those extra weeks can make your child’s needs, like daycare, more expensive. Be sure to remember and account for them in your budget.
(6) Check Out Consignment and Other Second-Hand Shops
Let’s be honest. Most babies hardly wear their clothes before they grow out of them in the first year. Don’t be afraid of second-hand items. They’re great deals!
The Oklahoma City Metro has wonderful consignment options. There are brick and mortar buildings, like Once Upon a Time and Storkland. There are also many mom clothing exchanges throughout the year and throughout the metro, such as Just Between Friends and Moms of Multiples, just to name a few.
Keep an eye out and talk to Mom friends to find the best bargains for your baby!
The best resource for any new parent is the knowledge and support of other parents. Reach out to your tribe, or find one for yourself, and heed their sage advice!