Did you know that the average family will spend approximately $10,000 for their baby before it even reaches two years old? This is what the studies say (the most recent one was conducted by MSN). Does it make you want to rethink parenthood? Probably not, since these precious children are worth much more. But, we can still drastically reduce that dollar amount in several ways. Here are some tips.
Breastfeed if you can. Breastfeeding is free and healthy for both baby and mom. In fact, studies show that breastfed infants had a reduced healthcare cost of almost $1,500! The cost of formula for a year is between $4,000 and $5,000, depending on the brand and type of formula. If you can’t breastfeed, consider generic formula and sign up for samples, formula checks and coupons. Ask your hospital and pediatrician for samples. This could knock off between $700 and $800 from your cost.
Save $300 or more a year by using generic diapers and making your own baby wipes. Todays generic diapers are quite good. And making your own wipes is very easy to do. Cloth diapers can save you even more money.
Beg, borrow and thrift shop for your babies clothes. Yes, it is hard to resist all of those new cute outfits that your child will only wear for a few weeks. Baby clothes are easy to find used and in excellent condition. Many garage sales sell clothing with the tags on for 50 cents to a dollar an item. Why spend $40 for the same amount. You can knock off anywhere from $400 to $1000 a year by borrowing clothes and buying them used. If you really want a new outfit, indulge in one, and only one for a special occasion and shop the off-season sales.
Check back for part 2.
Mary Ann Romans writes about everything related to saving money in the Frugal Blog, technology in the Computing Blog, and creating a home in the Home Blog. You can read more of her articles by clicking here.
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