Congratulations, Papa?. From what I can tell (not a mother myself, except dog/cat mom), you’re way ahead by having help with childcare. My great-niece is 7 years old next month and I tell you her mother couldn’t wait for her to get in daycare and now school. My niece is a teacher so she had daycare at the same school and that helped her a lot. You and your wife will really enjoy buying cute things. But your family (especially aunts) will really get a kick out of it.
From what I remember when our boys were little, I hit up the yard sales-you can find most of what you’ll need for a fraction of the price and in great condition. Babies/tots grow so fast they out grow the clothes before they wear out. You can also find furniture, strollers, toys, blankets…people are so anxious to get rid of all that stuff, it is not funny. Bargains galore.
Congratulations! If you can, it is time to start thinking about a college education fund for the new baby. Once your child is born, you can contribute after tax dollars towards a 529 college savings account. This contribution can lower your state income tax for the year of contribution and will be allowed to grow tax free as an investment. For example, if it doubles or triples in the next 18-22 or so years, you can simply charge your child’s college tuition to this account and pay no taxes on that withdrawal/charge. By doing this, you take advantage of compound growth of your contribution, as well as lower/eliminate taxes on any investment income. Make sense? Waiting until your child is 12 before starting does not make much sense as you will never make up for not starting as soon as your child is born. Note that college tuition grows faster than the rate of inflation - current costs for tuition, room and board range between $20K to $75K per year depending on the type of school (x 4 years x the number of kids you may send to college - a potentially big chunk of change needed). Hope this helps as a consideration.
My input, for a new baby, is that you DO NOT need all the supplies that you think you do! I had so much for the first, and toned it down drastically for the second. ? Buy the minimum, and you can purchase what you need as you need it. All the baby needs is to be loved and warm and fed at first. Plus, all that stuff just takes up room! Tag sales, hand-me-downs, and thrift stores are your friends!
Tips, Please remember to have the child and future children added to your health insurance. My parents were very happy having us kids on their insurance, I come from a family of 11, and I am the youngest at the current age of 57.
As for clothes and other baby needed items, hand me downs from relatives and friends, garage sales, thrift stores, also Walmart. Set up a college fund account like someone else mentioned a 529 when the child is born, never co-sign a student loan for college. Baby seat for your car.
Try not to panic. Try not to overstress everything. It is hard raising kid(s) they don’t come with user/owner manuals. My kids are 27, 29, 30, and 32 and I raised them as a single father, good luck to you and your wife, and enjoy everything about kids and parenthood. P.S. I think I got my kid’s ages right. LOL.
congratulations just learn as you go, they don’t come with instruction’s enjoy them love them and learn from them, i am blessed to have 9 great grandchildren, and i still learn more everyday god bless
Been a bit since I have posted but wanted to stop in and share some happy news.
My wife and I are expecting our first child in September and we are both beyond excited!
Of course, with baby on the way, its never too early to start planning financially.
What tips do you have when it comes to budgeting for baby’s needs?
This is all new territory for me so any tips or advice is much appreciated.
Since my wife works at a school, we will be able to get a 50% discount on childcare which will be super helpful.
Any other money saving tips for saving on baby essentials?
I would save for the hospital costs that may not be covered by insurance. I don’t have kids, but I’ve heard there can be costs that don’t get covered by insurance.
Congratulations! Baby clothes - buy used, ask friends for me downs, garage sales, ect. Diapers can be gotten cheaply at CVS, Walgreen and Walmart with sales, coupons, and rebates. Changing table is nice but not essential. Crib is essential - if looking to get used - check for recalls before buying. Car seat - always NEW. No need for highchair for several months, then you may find using a seat that sits in a chair at table is easier than highchair as takes less room and is more practical when traveling.
Congratulations @moore.income! This is going to be a blast for you guys!
I see lots of people have commented on baby items already so I’ll leave that aside. If at all possible I’d recommend looking into the costs of your chosen birth method (hospital, home, center, ect). My first child, for example, costed 30K but my second (currently 3mon old) only costed 10K. Reach out to your insurance about what portion they will/won’t cover, especially if you run into medical surprises like baby deciding to arrive earlier or later or via a method different than planned.
I’d also recommend starting to pay ahead your bills/saving up for them since it seems like you’re a dual income household. This will enable you guys to more easily evaluate when/if your wife goes back to work without money being the driving force. Id also recommend looking into your work’s paternal leave policy (if it exists). If you are a dual income situation, will you be able to afford taking time of work to assist your wife and spend time loving on your new bundle of joy? Do you want to use paid vacation time to compensate? If you have to back to work but your wife still needs help around the house, and family & friends can’t be there, can you maybe save up for an hourly in-home sitter/nanny to help a bit in the early weeks? Answering these questions now will be much easier than realizing it too late and having to dig into savings/emergency fund.
Best wishes to you and your wife! Kiddos are an amazing and beautiful ride.
) will really get a kick out of it.
