Having a baby is exciting.
Your life will change, and so will your bank account.
If only it were so simple to find more time in the day for a decent nap.
Shane Martin shares his lollipop with his 17-month-old son, Turner Martin, before lunchtime while Nora Martin works on their budget. The Martins used a zero-based budget when Nora was pregnant with Turner. Tina Russell/The Penny Hoarder
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Using azero-based budgetto determine where every dollar is going can be super helpful for a new parent.
They cut back on dining out, entertainment and spending on their dogs.
Nora also created a spreadsheet to identify all the baby items she thought theyd need.
My list was ridiculous, she said.
Like any new, first-time mom, you buy all the stuff.
(More on that a little later.)
To increase your income, try negotiating for a raise or picking up a temporary side gig.
Purge your home of any unwanted items and sell them for extra cash.
Trim your budget down by reducing unnecessary spending like the Martins did.
Call your service providers to see if you could lower your phone, internet, cable or insurance bills.
You may have to sacrifice some of your financial goals when youre a new parent.
These financial sacrifices dont have to be permanent.
The first few years of a childs life are some of the most expensive.
It wont last forever.
BabyCenter has ababy costs calculatorto help you estimate how much youll spend during your babys first year.
Money-saving tip:Pump milk directly into bottles and store in the fridge.
it’s possible for you to store breast milk in the fridge for three to five days.
You could also freeze breast milk in freezer-safe containers.
Money-saving tip:Make your own baby foodby pureeing some of the food you already have at home.
Clothing and Diapering
Clothing:Babies grow a significant amount in their first year.
About every three months, theyll move up in size.
it’s possible for you to buy packs of baby socks for about $1 per pair.
Money-saving tips:Ask family and friends for hand-me-downs, or shop at secondhand stores.
Dont buy a bunch of newborn-sized clothes; your baby will likely outgrow those quickly.
Dont bother buying infant shoes until your baby starts walking.
Diapers:The cost of disposable diapers varies by size and brand.
Money-saving tips:Buy generic diapers to save money.
Cloth diapers range from $5 to more than $10 per diaper.
Theyre best purchased in sets.
Money-saving tip:Use baby washcloths in lieu of disposable wipes.
Child Care
Child care is often the most expensive recurring cost new parents face.
Infant child care is typically the most expensive bang out of care.
Parents can easily spend over $1,000 every month for infant care.
An even more expensive option is hiring a nanny to come to your home.
But you could also look intochild care assistance programsthrough the government or your employer.
Child Care Aware, a nonprofit child care advocacy organization, provides information on resources available in each state.
you’ve got the option to also expect to spend about $10 on vitamins every few months.
Since these checkups are considered preventative care, you likely wont have a copay.
You could pay as little as $30 per month for $1 million in coverage.
Money-saving tip:Get quotes from multiple insurance providers to compare costs.
One great way to save on baby gear is to throw a baby shower.
Fill yourbaby registrywith essential, practical items plus all the goodies you think would be nice to have.
After the baby shower, take inventory of the things you still need.
They might beso incredibly adorable,but going into debt from overspending isnt cute.
That allows you to get many years of use out of this piece of baby furniture.
Crib mattress:Those cribs need a tiny mattress for your little one to rest on.
Crib sheets:you’re free to find fitted crib sheets for less than $20.
you could also find a crib mattress pad or mattress protector for about the same price.
Its good to have a few spare sheets and mattress covers on hand.
Baby washcloths can be purchased in sets at less than $1 per washcloth.
As with cribs, it is recommended that parents buy this new rather than used due to safety standards.
These will be good for the babys first year or two.
Or, you could buy a convertible seat.
Some even convert to booster seats.
Diaper bag:you’re able to spend from $20 to $85 on a diaper bag.
Some diaper bags are designed to be carried on the shoulder, while others have straps like a backpack.
Bottles:A pack of three bottles will cost between $5 and $20.
Newborns will need to be fed every couple of hours.
However, your health insurance plan may cover the cost.
Bibs:Bibs can be purchased in packs for about $1 per bib.
Babies can make a big mess when they eat, so its good to have several bibs on hand.
For more saving ideas, see our guide to gettingfree baby stuff.
Nicole Dow is a senior writer at The Penny Hoarder.
Shes a thrifty mom who embraced hand-me-downs, breastfeeding and a minimalist approach to baby gear.
She also experimented with cloth diapering and homemade baby food.
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