After having two little ones in the past four years, I have learned a few things that can ease the financial burden for anyone. During the day at our office, we help clients with the big-picture financial planning aspects of a newborn, such as saving for college or increasing life insurance coverage. Here are three simple tips to help with the day-to-day household financial impact of having a baby.
- Stock up on diapers!
Diapers are an expense you’ll have whether you welcome a boy or a girl, so start buying diapers as soon as you find out you are expecting. Plan to buy diapers as frequently as your budget allows, shooting for at least every payday or every two weeks. Consider buying a couple of newborn sizes and multiples of size one and two. If you have a baby shower, most people will bring diapers and they will be newborn size, but babies are only that size for a short time.
- Use Coupons
Since you’ll be buying in advance, watch for diaper sales so you can save money. Check Sunday newspapers for coupons and Walmart or Target for their baby essential markdowns. You can be a savvier shopper when you buy in advance, rather than scrambling at the last-minute.
- Avoid trendy baby items
When I had my first child, I had no idea what I truly needed and didn’t need. I went into a baby store and created a registry by walking around and scanning everything I thought looked cute. But since I didn’t have a plan in place, I got all sorts of things I didn’t really need.
Here are the most important things to register:
- Portable Diaper Changing Pad
- Diaper Bag Backpack
- Burp Cloths
- Snap on Bibs with waterproof lining
- Car Seat and Stroller – I recommend Graco Click Connect, multiple bases make it easier for grandparents, etc. to take baby places.
- Graco (or Baby Trend) Pack 'n Play
- Video Baby Monitors
You will need to invest in a five-pack of newborn, three-month and six-month onesies. They are easy to clean and comfortable for baby to sleep in. The Pack n Play can double as changing table and crib initially, which will save you both space and money!