Adding a new addition to your family is an exciting (and sometimes frightening) experience. Even more frightening is the costs of preparing for your little one, things like nursery items, strollers, car seats, (and let’s not forget the diapers!) can really take a chunk out of your bank account. We’ve compiled a list of places where you can save vs. splurge for your new baby, so that you can focus on making memories with your growing family.
1. Nursery Furniture
Nursery furniture sets can be well over $600, and realistically your baby won’t spend much time in its room except maybe to sleep, until it’s older. So this room is mostly clothes and toy storage until your child starts to get mobile. Save some money here and skip the crib sets. Instead, buy a crib and utilize other furniture solutions that are made for anyone. They are often cheaper and more practical.
2. Crib Bedding
Crib bedding sets can cost anywhere from $70-150, here is another place you can save by buying a sheet set that matches the room decor and having baby blankets that match. Most of the time you’ll just grab any blanket that’s close so you won’t chance waking the sleeping baby you just put down for a nap.
Fancy bottles are cool but they can add up quickly, especially if they require things like inserts or fancy nipples. Save money here by buying cheaper bottles, they do the job just fine.
4. Pre-mixed formula
Although this is convenient, it is way more expensive than traditional powder formula. Save by investing in reusable formula cups and bringing water on trips outside the home. You can mix a fresh bottle by just dumping the cup of formula into the water.
5. Baby Swings
New baby swings can be upwards of $250 or more, with selling features like music and different vibration levels. Keep in mind that most swing sets for babies can only be safely used until they are about 4- 6 months. If you insist on buying a swing for your child, save money here and opt for the less expensive models. Your pockets will thank you later.
There will always be new (and expensive) toys that you will think are a must buy for your child. Toys that help their development or make them smarter. You’ll quickly find out that your child will have a handful of favorite toys and all the others will collect dust in a corner. You can skip buying the stuffed animals and toys for now, and save quite a bit.
7. Carseat and Strollers
This is the only splurge on the list for good reason, good baby travel systems are needed not only for the safety of your most precious cargo but they can make your life so much easier. Traveling with a baby can be difficult, and a good car seat and stroller combination can make all the difference whether you are running to the grocery store or the mall. So with all the money, you’ve saved from all of the above you can invest in a baby travel system.
Putting money aside and creating a savings plan for your growing family doesn’t have to be difficult, we can help you reach your savings goals. If you’re ready to sit down with a member of our Advisor team, give us a call at (800) 835-3400, check us out online at caminofcu.org or stop by a branch. We are here to help you on your financial journey.