Preparing for the arrival of a newborn is an exciting time as you “nest” in your home and envision your life with a new little one. With all of the adorable baby products on the market, it is so easy to feel that all are a “must have” baby need. But not all baby products are as useful as they seem, and they are definitely expensive once you add them up.
It is important to either do your research before the baby comes, or wait and see what needs you and your infant have before buying a bunch of products. You actually do not need as many things for baby as you may think! Here are some tips to manage the expense of baby products:
Ask other parents: A great first step to understand what products you may need is to ask your friends and family members who’ve had babies what products they used, the brands they like the best, and what items are truly not worth it. Rely on your support system to help you in this journey.
Make a list and stick to it: When you are in the store, it can be so easy to get tempted by a new product the sales associate introduces you to. Be sure to research online and make a list of the items you think you’ll need before going into the store. Make sure you research the average cost of each product you need, since there are likely to be multiple brands with different price points
Use the 30-day rule: You may have heard of this rule when reading about smart spending. But the idea is to wait 30 days from the first inkling to buy something before actually making a big purchase. The 30-day window gives you time to carefully consider the product’s usefulness and do your research before actually spending the money. Another useful tactic with big purchases is to identify these products ahead of time and see if any family or friends are looking for something significant to give you. Perhaps the baby’s grandparent may want that glider chair with an ottoman for the little one as much as you do.
No shame in hand-me-downs: Did your sibling or friend just have a baby 2 years ago and still has a changing table or crib she no longer uses? Take it from them! Hand-me-downs or reused baby products can be a great way to save money and build tradition in your family. Many local communities also have buy, sell and free groups where you can find some of the larger ticket items, as well as plenty of clothing!
Check with your employer: Recently, a lot of employers started offering financial assistance for new babies over and above just parental leave. Look at your benefits portal and see if there’s something you can use, such as an allowance or a future day care program.
Check with your insurance: Since the Affordable Care Act was passed, most insurance policies need to cover expenses related to breastfeeding so your insurance will likely cover breast pumps and supplies. Be sure to check with them before buying your own.
The statements and opinions made in this article are for general informational purposes only and are not intended to provide specific financial advice or recommendations for any individual or any specific security or investment product. The views and opinions reflected in this article are subject to change at any time without notice. For advice specific to you and your situation, please speak with your Financial Advisor.
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