9 Savings Secrets for New Parents
By brooke, March 8, 2010, For Moms
As many new parents have learned, kids can be expensive. With the equipment, clothes and toys, parents can go broke trying to buy the best for their bundle of joy. But is all of this necessary? Are those Juicy outfits that they’ll grow out of in a week or the newest excersaucer really worth the extra money? Well, author Stacey Bradford, CBS’s MoneyWatch.com Family Finance blogger has helped shed some light on this discussion. She provides some creative ideas to provide for your child while saving some money during your child’s early years.
Pregnancy and baby’s first year
1. Register
Savings: Hundreds of dollars
Don’t be shy. Friends and family want to buy gifts for your baby. Make it easy for them and register for all those items you need.
2. Snag some formula
Savings: At least $50
Hospitals and pediatricians’ offices are overflowing with formula samples. Take as much as they’re willing to give you.
3. Buy in bulk
Savings: At least 10 percent
New parents go through hundreds of diapers and wipes during an infant’s first year. Buy them in bulk from either a warehouse club or online at Amazon.com. While a typical drugstore may charge around 40 cents a diaper for Pampers, you can get them at Amazon (when you buy a value pack) for 22 cents.
Toddlers
4. Avoid special ‘toddler’ foods
Savings: Up to 50 percent
There’s no need to spend extra money on toddler foods in cute packaging. While the boxes may appeal to your little one, they cost more than the adult version and may contain more sugar.
5. Frequent consignment shops
Savings: 50 percent or more
Don’t waste money buying a brand-new tricycle or kitchen set when you can go to a consignment shop and get one for a fraction of the original cost. Give the wheels a good scrub and they’ll look as good as new.
6. Kids-eat-free nights
Savings: $10 or more a meal
A trip to a restaurant can get pretty expensive — and frustrating — when you’re buying an entree for a toddler who may not eat. The solution: Look for kids-eat-free nights at places like Lone Star Steakhouse and Applebee’s.
Elementary school
7. Get a family plan
Savings: $30 or more per month
If you’re going to spring for a cell phone for safety reasons, get a family plan and share your minutes. At Verizon and T-Mobile, you pay one slightly cheaper price for two people to share minutes on one plan. But if you want to add a third phone for your child, then you’ll see real savings, since it will only cost you an additional $10.
8. Semiprivate lessons
Savings: Up to 50 percent
It’s great to encourage your kids to play tennis or pick up the violin. But there’s no reason they need pricey private lessons. Share the hour with a friend and your child will now have someone to practice with between sessions.
9. Share a hotel room
Savings: $150 or more a night
If you share a hotel room (get a room with two double beds) while vacationing, you can save a bundle. Once your children hit elementary school, you won’t have to worry as much about tiptoeing in the dark after the little ones are in bed.
This information was from the article 9 Savings Secrets for New Parents at MoneyWatch.com.
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