I have mentioned before that I am currently unemployed, and while I am so grateful that my hubby does have a job he isn’t quit making enough for us to be comfortable yet. There have been some major sacrifices made these past few months to make ends meet (when they do meet), and we foresee some other adjustments needed for once our baby monkey arrives.
So I have been researching different ways to minimize the amount of money spent during the babies first year which I hear can be pretty costly. According to Claire Vande Polder in 2005 an average middle-class family spent about $10,220 on a baby during the first year of life. BabyCenter.com also gives similar results quoting approximately $10,158 in the first year. I like the one on babycenter.com because it is interactive and you can adjust the costs based on your parenting plans. Both sources did not include the costs of the actual delivery itself which can range any where between $700 – $5,000 depending on your insurance coverage and needs.
As for me and my family, here are the different ways we are looking to save money and cut costs where ever possible. Some seem like it will be a lot more work, but you know, if I am a stay at home mom I don’t see why I wouldn’t be able to achieve these goals. (I say that now, check back in about 6 months, yikes!!)
- Insurance/Medical Bills: While some members of society may look down on this, I am so grateful and blessed that I was able to qualify for and receive state issued Medicaid coverage. It wasn’t my goal, and know that they system does have it’s hiccups, but to be able to sleep each night knowing that each medical bill and the total delivery for my baby is covered is such a relief. If our income stays the same even our Pediatric bills will be covered for at least the first year. Praise God!
- Major Purchases: We have been blessed with an amazing family who has seen our various needs and have been able to provide for us some of the more costly items. We already have a crib, which is one of those awesome 3-in-1 cribs that will convert into a toddler bed. They are also looking into getting our crib. A lot of my friends and family have also recently had children so there are some other furniture items that we will receive.
- Breastfeeding: I am hoping and planning on breast feeding for the first full year. They say it is best to stop by their first birthday because they could begin getting attached to the bonding. Also hope to just pump the rest of the time so hubby can enjoy feeding time also. The goal is to not use any formula unless the doctors determine baby is not gaining appropriate weight and so forth.
- Diapering: Crazy idea, but I really want to try cloth diapering. I have been looking into this for months now and reviewing the different products to choose from. Hubby is concern about the amount of work needed and the costs of so much washing but we both agree either way that it is certainly cheaper and better for the environment.
- Solid Food Preparation: I was unaware how early you could being introducing soft foods to your baby. I got real excited when I started reading about people who were preparing their own foods rather then purchasing the little bottles. Looking forward to see how that works also. Ultimate goal would be that hubby and I lived somewhere that we could even grow our won fruits and veggies, but until then …
Those are just the major things I have foreseen that we can control. I am sure the ride will still be an expensive one but any way we can cut costs, I am eternally grateful.
What about you, do you have some awesome money saving tips to share? What worked for you?