How To Save Money For A Baby That’s On The Way

Are you expecting…or thinking about it? If so, we have the solutions for how to save money for a baby on the way.

When you’re seeing diapers and bottles in your future, you may be feeling a bit worried about how having a baby will affect your income — and savings.

Don’t worry — you’re not alone.

As long as there have been parents in this world, there have been parents worried about the cost of raising kids.

Fortunately, there are a lot of ways you can get a jump of child-rearing costs before your baby’s even born!

Let’s start with the costs of having a baby before we talk about tips for saving money for a baby.

The Cost of Having a Baby

There’s the cost of having a baby — and then there’s the cost of having a baby.

No, that isn’t a typo.

The first calculation includes the money you’ll spend on getting your little one to term and in your arms, resting peacefully.

The second calculation refers to the money it costs to raise your child to adulthood.

As far as pregnancy and childbirth go, costs will vary based on where you live and how much your health insurance provider pays in benefits.

That being said, according to Business Insider, the average cost to have an uncomplicated birth is $10,808. This does not include care for the expectant Mom before and after the birth. For costs with care, look at spending about $30,000.

If you have a C-section, that cost could escalate to around $50,000.

Once your little bundle is here, it will cost you an average of $233,610 to raise her to age 17 — and that’s not including the costs of college!

No matter how you look at it, saving for a baby right now is an expensive proposition.

But, parents-to-be have a lot of options at their fingertips for how to save money for a baby in advance of getting pregnant. Or, even during pregnancy, if you’ve gotten a late start.

Let’s look at the best way for a baby on the way,  and get your bank account flush.

How to Save Money for a Baby on the Way

If you’re already expecting, you’ll want to know how to save money for a baby in nine months. Believe it or not, there’s a lot you can do to get ready, even in that short amount of time.

Let’s jump right in with things that can help both expectant parents and those thinking about kids in the near future.

1. Start with a Calculator

You need to know what kind of numbers you’re dealing with in order to prepare for birth and bringing baby home.

There are lots of great “saving-for-baby-calculators” out there that can help you determine what kind of savings you’ll need to start with, such as:

• Nerdwallet’s Baby Calculator
• Babycenter’s First Year Baby Costs Calculator
• Moneyadvice Baby Costs Calculator
• Momjunction’s First-Year Baby Costs Calculator

With all these choices, you’re bound to find a calculator that appeals to you. All are easy to use and give you a good baseline for figuring out how much money you’ll need to feather your nest appropriately for baby.

If you need to save your nest-egg within nine months, the Nine-Month Plan over at Parents Magazine is a terrific foundation for setting up a budget while you’re expecting.

Once you get your final calculations, you can move on to the planning stage.

2. Develop a Checklist for Planning

Now that you have an idea of costs, it’s time to see exactly where your money will go. That way, you can determine which areas give you the most opportunity for cost-cutting.

Using a “baby on a budget checklist” will help you fine-tune your expenses and find products that are budget-friendly.

Good lists to try include:

• Checklist: Baby Budget
• Baby-on-a-Budget First Year Costs
• Baby Budget Planner Spreadsheet
• Cost of Having a Baby Worksheet

Once you’ve filled out the checklist of your choice, you can move on to finding great deals on the things you know you’ll need in the first year.

Which bring us to our next tip, finding ways to cut costs on baby products you know you’ll need.

3. Source Bulk Baby Products

There’s no time like while you’re pregnant — or even before — to find ways of saving for baby products.

For items you know you’ll need in bulk — like diapers, wipes, and bottles — you can pick up memberships to discount buyers clubs like Sam’s or Costco.

Since a baby can tinkle through 2,200 diapers per year on average, buying bulk is a no-brainer.

You can even apply for an Amazon Family Account to save 20% on items like bulk diapers, baby food, and other items you’ll need in quantity.

If you’re really interested in having a “frugal living baby experience” you can choose cloth diapers, which are reusable and even make your own baby wipes at a fraction of the cost.

Saving Money for Your Baby’s Future

Of course, there are other ways of saving for baby — and raising him or her to adulthood comfortably.

Even simple things like the following can help you plan sensibly:

• Selling items you don’t need
• Reducing household expenses like premium TV packages
• Opening a savings account for baby
• Opening an Educational Savings Account (ESA) for baby
• Making sure you have life insurance

Making sure you and your partner have good insurance — health, home, and life — is critical to avoiding financial pitfalls due to unforeseen circumstances.

The Baby Budget — Making Saving For a Baby Fun

A baby budget doesn’t have to be an onerous thing, as long as you have the right perspective.

First, by planning, you’re already doing the right thing by your new little one, and you haven’t even become a parent yet.

Go, you!

Second, finding ways to creatively manage a budget can bring out the imagination and fun in the experience. Really dig deep and see how many sales, coupons, and deals you can find on baby equipment you know you’ll need.

Sell old junk in your attic that you’re not using or even looking at — and discover an unexpected windfall that you’ve been sitting on all this time.

As you watch your nest-egg grow, impending parenthood will feel easier and lighter than it did before you started.

And don’t forget to reward yourself for a job well done.

Always leave a little room in the budget for a fun night out, a special piece of clothing, or something for the nursery or house that you’d considered a splurge.

As long as you’re tracking what you’re spending — and saving — you’ll be on target to have a smooth, and worry-free launch into the expenses of parenthood when you’re little one arrives.

What is one item you can live without, to help save money for a baby on the way?

Share in the comments below!