Save Your Pocket Book and Your Sanity!

With the cost of living increasing for just about everything these days, it’s no surprise that the cost of raising a child is steadily climbing. The cost for such essentials as diapers, clothing and formula, if you are not breastfeeding, are at an all time high. If you choose to or are unable to stay home with your children, childcare costs are also soaring. More parents are now living paycheck to paycheck worrying about how they will pay for their children's' day to day needs. In short, many parents are looking for ways to save on the things they will most often need for their children. Knowing your options can definitely help save money and provide some piece of mind when the savings start rolling in.

In the first few weeks of life, your baby will need frequent diaper changes. If you choose to use disposable diapers, you may be shocked to see just how much they actually cost. At an average of eight to twelve diaper changes per child per day, the amount of diapers you will need to have on hand is more than many new parents expect. The average cost of diapers is $80 to $130 a month! That's $1,600 to $2,300 by the time your child is potty trained! That number only increases if you have multiples. It may seem impossible to find ways to save on diapers, since they are an essential item you really can not live without, but it doesn’t have to be. Use coupons to save on brand name diapers, as well as shop generic when possible. Try a few generic brands to find one that works for you. Often times, a good generic brand will work just as well as the brand name and will cost much less than the brand name diapers. If you can, buy diapers in bulk. The cost savings will help over time and you won’t have the hassle of constantly returning to the store to purchase more. If you are lucky enough to receive a gift such as a diaper cake, the cost savings in those first few weeks will definitely be noticed.

 

Each new mouth to feed comes with extra expenses. A formula fed baby will feed every three to four hours. Depending on how many ounces a baby drinks at any one feeding, a parent can easily go through several cans of powdered formula a week. The easiest way to save on feedings is to breastfeed. This will save you several hundred dollars a month. However, if you can not breastfeed or choose not to, there are still some simple ways you can save on the cost of feeding your baby. Coupon vouchers are, often times, available for brand name formula. These can take as much as five dollars off the cost of a can. Buying store brand formula can also save you money. It is required that the quality and ingredients present in generic brand formulas be the same as those in brand name formulas. Most of the time, switching to a store brand formula will not negatively affect your baby and will save you money too!

When you have a baby, it is tempting to fill the closets and drawers to the brim with cute,  brand new clothing items. While there is nothing wrong with this, it can quickly spiral out of control. Babies grow out of their clothes so quickly. In reality, they may only wear an outfit once before they outgrow them. Aside from the occasional spit up, baby clothes remain fairly clean and in good condition with regular washings. So why spend so much money on clothes when you can get gently used clothes for pennies on the dollar? Resale stores, consignment stores and garage sales are all great places to find gently used baby clothing. Websites like craigslist.com also offer an inexpensive option for finding babies’ and children’s clothing. If you are lucky, you might even find clothing and other baby items being given away in the FREE section of the site.

For many parents, childcare is another budget buster. Unfortunately, the reality is that not every parent wants to or has the ability to be a stay at home parent. If you find yourself in that large group, finding affordable childcare can seem almost impossible. Look into daycare cooperatives in your area. With just a little time contribution on the part of the participating parents, childcare can be cut down to very little or no cost. Consider enrolling in a dependent care flex spending plan if your employer offers it. This allows employees the ability to set aside pre-tax dollars towards daycare reimbursements. These options may not be for everyone. For those that choose to explore them it can greatly reduce the cost of child care expenses.

Cost of living expenses continue to rise, while the average income does not. Sometimes it’s the little things that we can do to help save a dollar. Save your pocket book and your sanity by trying a few of these tips!