Baby on a Budget: Save a Bundle By Janeen Lewis
Photo by Freepik.com
C ongratulations! You either have a new bundle of joy or will bring one home soon. Having a baby is such an exciting time, but it can feel a bit stressful too. With all there is to learn and prepare for, finances shouldn’t get in the way. Here’s thrifty advice for every stage of bringing home a baby. BEFORE THE BABY Budget early. The secret to saving and finding the best deals on quality items is planning, researching, and comparing prices. Estimate costs you might incur, and write a spending plan. While everything won’t unfold as expected, some things may work out better. If the stork sneaks up on you, start planning as soon as possible. REVIEW HEALTH insurance and savings plans. Choose a plan in which the premium to deductible ratio is the best price and value for pregnancy and childbirth care. Most health insurance policies cover the cost of breast pumps. Make sure yours does. If you have disability insurance, it may pay for maternity leave. Most impor- tantly, start saving. Savings give a sense of peace and keep the focus on the baby in your arms instead of on financial burdens.
“Flex” financial muscles. Check to see if your employer offers a Flexible Spending Account or Health Savings Account. These pre-tax dollars can be used to buy prenatal vitamins, breast pumps, breast milk storage bags, thermometers, and more. While you can purchase over-the-counter baby pain relievers, teething gel, and fever reducers with an FSA or HSA, check with your in- surance company. Some require prescrip- tions for over-the-counter medications. Calculate the cost of different types of childcare. Think about which option of childcare makes the most sense for your family: staying at home with the baby, a daycare facility, nanny, or nanny share. Research the costs associated with these options. The U.S. Department of Health and Hu- man Services considers childcare afford- able when it accounts for no more than 7 percent of a family’s household income. Try to keep your childcare costs within that range. DURING THE PREGNANCY Create a chic nursery without the designer price tag. You don’t have to be a celebrity to design a beautiful nursery. Start with a safety-ap-
proved crib and add another desirable piece. This is what Emily Zolan did. Zolan is mom to Julia and Anna Katherine. “I researched and found a particular crib that I knew was safe,” Zolan says. “I found it on Facebook Marketplace for $200 when it is usually $1,000. Then I got a glider from Costco.” Zolan recommends buying a nice rocker. “You are going to be sitting in the nursery a lot, so you want to love it.” Register and be rewarded. Create a baby registry at Amazon, Wal- Mart, Target, or Buy Buy Baby and receive free baby goodies and other benefits like coupons and discounts on the items left unpurchased on your registry. The free gifts usually include samples of products you can try out when the baby arrives. You can decide what works best before you spend money on baby items you won’t use. “Be choosy with your registry,” Zolan suggests. “People naturally like to give sweet baby clothes and fun gifts. Pare down your registry to the necessities, and you may still get the fun, cute things you want.” Spend modestly on maternity clothes. You’ll only be wearing them for a few
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