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financial shocks for parents of newborns | | |
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Breast-feeding can certainly minimize
that expense, but there are some hidden costs associated with breastfed babies.
For example, you may need to purchase or rent a breast pump, an essential for
moms who work outside the home. Nursing bras, breast pads, nursing tops, lanolin
ointment and a breast-feeding pillow are also common expenditures.
6. Baby gear:
Many new parents don't realize just how much "baby gear" is required
to care for and entertain an infant. Crib? Changing table? Rocker or glider? Car
seat? Stroller? Baby swing? Monitor? Bouncer seat? Doorway jumper? Most
of these items, with the exception of a car seat, can be purchased used. "Baby
furniture, such as a changing table, gets very little wear and tear and can be
purchased second-hand," advises Wilburn.
7.
Clothing and shoes: Lisa Collier Cool of Pelham, N.Y., was surprised by
how much she spent just dressing her children.
"Babies
outgrow clothing at an amazing rate, so they need a new wardrobe every few months,"
Collier Cool says. "Plus, they never get to wear some of the gifts you get
because by the time they get to be the right size, it's the wrong season for the
clothes!" Shopping at consignment stores and yard sales
or swapping baby clothes with friends can save a lot of money. Buying clothes
on sale at the end of the season (in a larger size so your child can wear the
clothes next year) also helps cut expenses.
8.
Baby food: Once babies reach 4 to 6 months of age, they start eating baby
food in addition to drinking breast milk or formula. Although
it can be time consuming, puréeing your own food rather than buying baby
food in jars can be a money-saver.
9.
Life insurance premiums and attorney fees: Wilburn advises couples to review
their life insurance policies and increase them so that each spouse has adequate
funds to raise each child to age 21, should something happen to one of them. "In
addition, they should have wills written, naming a guardian for the baby,"
Wilburn says. "If there is no will and the two of you perish together, do
you want a judge to decide who will raise your child without the benefit of your
opinion?"
There's no way to get around the attorney's fees
for setting up a will and taking care of your insurance and estate planning, but
doing some comparison shopping may help. Ask friends and family members who they
used and find legal and financial representation that is reasonably priced.
There's
no doubt about it, having a baby is expensive. McWhorter Sember advises parents
to put together a family budget that includes these expenses.
"A
lot of families don't start thinking seriously about money until after they are
parents, so you are not alone if you haven't considered these types of expenditures,"
she says.
Lynne Ticknor is a parent educator and writer based in Clarksville, Md.
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