If you say “Yes” to this question, how do you know? Have you planned out your budget for the next few years? Have you taken into account the growth rate and needs of your baby? Children are never going to be clear cut for parents and instead are variable. Clothing may not last as long as you need, a crib may be recalled when you least expect it, or certain toys you have kept for two years are too basic for your toddler. When you run into these instances, will you be financially prepared?
U.S. News & World Report recently ran an article about the cost of having a baby. The reporter came to the conclusion that a baby costs $12,000 its first year for a middle-income family.
Because the economy has put a financial strain on nearly everyone, saving has become part of living, however, and a baby is no different. If you are unsure of what to save on with a baby, the U.S. News article gives some suggestions:
• Only purchase basics before you have a baby: diapers, clothing, blankets, and a car seat.
• Do not buy everything at once.
• Go with convertible furniture to save money over time.
• Used baby furniture ends up costing you more later.
• Larger strollers, novelty items, and changing tables (unless convertible) are not needed. You can make do with items around the house or a smaller stroller.
• Find substitute items around the house.
• Accept baby gifts.
• Always budget baby products.
• Find a place for trading lightly-worn baby furniture.
The U.S. News piece reiterates a few points we have been telling you for a while: Save with convertible furniture, plan for baby gifts, and consider certain used items.
A child is a long-term investment requiring a significant amount of attention. Part of being prepared for parenthood is knowing the difference between necessity and convenience and preparing for any circumstance.
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