If you’re an expecting parent, we all know that babies can be expensive. But they don’t have to be. I’ve gathered some helpful tips that can make money management for new parents just a little easier. It’s good to remember things can be done cheap and affordable. It’s important to remember that the lack of money doesn’t make you a bad parent. Now let’s dive into some helpful tips.
1. Embrace Hand-Me-Downs and Thrift Stores
My wife and I accepted hand-me-downs from other parents whose kids passed the newborn and toddler phases. Baby clothes and gear quickly get outgrown. Your kids are going to grow up…fast. And baby clothes and toys can get pricey. We used to buy jackets from ebay or Facebook Marketplace, got clothes from grandparents, and bought toy kitchens from Offerup.
There are a ton of thrift shops that sell baby clothes so make sure to take advantage of your local thrift stores.
2. Breastfeed if Possible
Breastfeeding can save a significant amount on formula costs. I can’t speak on this personally because I can’t generate milk. However, my wife breastfed our son for the first year(ish) of his life and that saved us a ton of money. Now I understand that this isn’t an option for everyone. I will say there were times when we used formula if my wife was out of town or wanted a night out. We’d always look for coupons on formula or shopped at stores like Walmart/Target.
Buying bulk may be a good option as well. Whether your breastfeeding or using formula make sure to plan ahead.
3. Make Your Own Baby Food
Congratulations on getting past the newborn phase. It’s time to get your child into solid(ish) food. Making your own baby food is an affordable way to give your little one fresh, nutritious meals without the mystery of store-bought jars. When my wife and I started making food for our son, we kept it simple—blending carrots, sweet potatoes, or even just mashing up ripe bananas with a fork. It didn’t take much extra effort, and we liked being able to adjust the texture by adding a little breast milk or formula. Plus, it saved us a ton of money!
As our son grew, we began incorporating chunkier textures and blended family meals like beef stew (we’d set aside a portion before adding spices). Starting with one food at a time helped us keep an eye on potential allergies. Homemade baby food is not only cost-effective but also a fun way to connect with what your baby eats—and sometimes even share a bit of your own dinner!
4. Opt for Multi-Use Products
When you think of multi-use products you’re probably thinking of choosing products that grow with your baby, like convertible cribs, adjustable strollers, or high chairs that adapt to toddlers. And you’d be right! Your baby is going to grow, and the world isn’t getting any cleaner. Let try to buy products that are one going to last and two can be passed down if you don’t need it anymore.
One of the best purchases we made was a Nuna stroller package. It included the stoller, carseat, toddler seat, and bassinet. This was a gamechanger cause not only did we use it once, all of the pieces evolved as our son got bigger. And the stoller is going to last for years to come.
5. Create a Baby Registry Wisely
Focus on necessities rather than luxury items. Essentials like diapers, wipes, and baby monitors should take priority.
6. Buy Diapers in Bulk
One of the best things we’ve done is buying diapers in bulk. How do we do this? Costco baby!
7. Skip Unnecessary Items
If you’re like me you like a great deal. The number one wealth killer while shopping for your baby is designer clothes. Avoid buying items like wipe warmers or designer baby clothes. Focus on what your baby truly needs for comfort and care.
8. Use Apps and Rewards Programs
Download apps like Ibotta, Rakuten, or Babylist to earn cash back on baby items. Join loyalty programs at stores you frequently shop at.
9. Borrow Instead of Buy
For short-term use items like bassinets, swings, or carriers, consider borrowing from friends or renting from baby gear libraries.
10. Plan Childcare Strategically
Now I understand parents will need to decide between both parents working and one parent working while the other stays home and takes care of their young one. We’re fortunate that I’m able to work while my wife stays home saving us thousands of dollars in childcare. However, if you need childcare plan this out. A lot of childcare places book out a year in advance. Look into your area and plan out childcare strategically. Maybe you can work part time – run the numbers and see what works.
Conclusion
Raising a kid can be the most rewarding and important singular (or more) thing you do in your entire life. Watching your kid grow can be the most amazing thing. With the state of the world at the moment the cost of living has going up and raising a kid has become exponentially more difficult. However, it doesn’t have to be. By making the right decisions and planning ahead you can set your family up for success.
Bonus Tip:
Start a College Savings Plan Early
Setting aside small amounts now in a 529 savings plan can reduce future financial stress.
