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As you get ready for your new addition to your family, realize that you may feel a little light in the checkbook. There are some outstanding ways to save on many of the costs associated with having a baby, but it is still important to plan in advance for as many as you can.
What Costs Most?
As you consider what your finances are going to look like after baby arrives, or just planning for his or her arrival, realize that you will find a variety of things are costly. Look at these sometimes very expensive baby necessities.
- Formula is perhaps the most expensive thing you will pay for after baby is born. In some cases, you may spend $500 or more a month. The best way to save is to learn how to breastfeed instead. This cuts your costs down considerably.
- Diapers are the next expensive thing. Try to plan by buying diapers on sale. Consider using cloth diapers to reduce the costs, too.
- Something you may not have thought about paying for after baby arrives but that can easily top the list is childcare. You may wish to consider who will care for baby. The cost of daycare for a child can be hundreds of dollars a week in some cases depending on the child’s age.
The more you know and plan for these baby costs, the better you will feel heading into the labor room. The good news is that there are ways to save on most of the costs associated with having a child. Take the time to talk to a mom with a younger child to get financial planning advice.