Journal Entry

Saving for pregnancy: Growing belly, shrinking wallet

Whether you’re expecting your first baby or your third, finding out that you’re pregnant is always an exciting moment. From this point on, you’ll have to make numerous decisions that affect your new baby, you and the other members of your family.

Money is one of the biggest concerns of new parents. The cost of the first year of an infant’s life can add up to as much as $10,000, depending on your geographic location and other personal factors. And though that amount may seem like a lot, it’s important to remember that the price of things like diapers, formula, clothing, baby wipes and toys can add up quickly! Save as much as possible now—before the baby is born—so you have more savings when your new infant arrives.

But you don’t need to sweat over your finances if you want to save money during this special time of your life. Instead, just avoid some of the common spending traps that new parents face—and utilize a few smart shopping tricks—and you’ll save a bundle of cash before your bundle of joy arrives.

Money-spending trap: Buying new

Many new parents believe that their baby needs new items. But outfitting your infant in brand new clothing, furniture and accessories can easily cost thousands of dollars!

Saving tip: Your infant won’t realize that she’s wearing used onesies or sleeping in a used crib. Buying secondhand at thrift stores or yard sales is a great way to spend less on many big-ticket items.

Hint: Occasionally, infant items get recalled for safety reasons. Before buying any secondhand item, check to make sure the item hasn’t been recalled. Avoid buying used items that may have had their safety compromised because of misuse or accidents, such as car seats, high chairs and strollers.

Money-spending trap: Buying unnecessary items

Do you really need that matching quilt and bumper set? Is a diaper organizer truly necessary? Many new parents go overboard buying items that are completely unneeded.

Saving tip: Browse message boards and online forums—or ask friends and family—which items they found invaluable after the birth of their baby. Most parents are happy to discuss which accessories were essential and which simply collected dust.

Hint: Every infant is different. Some love musical swings, others prefer bouncing chairs. Use the advice of other parents to guide your purchases, but remember that your baby’s reaction might be different.

Money-spending trap: Buying too much for one short period of time

When it comes to spending during pregnancy, many new parents focus too much on the early months. Diapers and clothing meant for newborns will get quickly outgrown. In some cases, larger newborn babies won’t even fit into traditional newborn sizes.

Saving tip: Wait until after your baby shower to purchase any newborn-sized items, since you’ll probably get plenty of tiny clothes and diapers from friends and family. If you must purchase newborn items before your infant arrives, buy just enough to last a week or so. It’s generally unwise—and potentially wasteful—to “stock up” before your baby is born.

Hint: If you get an overload of newborn items at your baby shower, consider exchanging them for a larger size. Your baby will grow quickly, and in no time at all you’ll have a need for those bigger sizes.

Saving money during pregnancy may seem impossible, especially if you’re spending lots of time in maternity and baby stores. But with a little creativity and frugality, you can save a bundle before your baby arrives.

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