Preparing for Parenthood: The Cost of Having a Baby

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Congratulations, you’ve just found out you’re expecting a new bundle of joy! Whether it is your first child or your fourth, emotions will run everywhere from excitement to anxious, especially when you start to tally up the cost of raising a child. 

At Speedy Cash, we know that there is much to consider financially when it comes to starting a family, and it is something that is often overlooked. We’ve outlined the following information to help ease some of that stress so you can focus on what matters most! 

Buy Used 

While it’s hard not to want the newest and shiniest gear for your baby, the costs can quickly skyrocket when you shop at a specialty maternity or baby boutique. For example, your average travel system, including a car seat and stroller, can range anywhere from $300 to $1,000, depending on what kind of bells and whistles are included. Bassinets, cribs, and other nursery items also creep up in price when buying new. 

Purchasing gently used items through social media buy and sell pages is an excellent way to find great deals on quality gear without breaking the bank. Parents looking to rid their homes of items their little ones have outgrown frequently list items for a discounted price, with many items being in excellent condition! 

Don’t Go Overboard 

We get it – it’s easy to get carried away with the excitement of expecting, especially as first-time parents! The urge to buy every recommended baby item can often come on strong, but take a step back and evaluate what items you’ll need right away versus what you can hold off purchasing. 

It is important to remember that no two babies are alike – some may like their baby swing, some may despise it! “Luxury” items like this are best to be purchased after you learn what your little one’s personality is like.  

Budget out the Basics 

Baby basics, such as diapers and formula, are often an item that is overlooked but can also soak up the majority of your monthly budget. Within their first month of life, a newborn can go through 270 diapers. While many parents opt to use cloth diapers to save in the long run, the cost to create a base supply can be cost-prohibitive with one diaper costing $25. 

Formula, while a necessary item for many moms, can also become costly, especially combined with the cost of bottles, inserts, and cleaning supplies. Formula alone can cost upwards of $300 per month, depending on your baby’s age and what their dietary needs are. 

More Ways to Save 

While it is an old tradition, one of the best ways to save money is to create a baby registry! Everywhere from specialty stores to Amazon has an option to create a registry filled with everything you hope for and more. 

If you still find yourself tight on cash but are still needing to stock up on everything your baby needs, you can also reach out to us at Speedy Cash. Our team of Customer Service Representatives, both in-store and online, are ready and willing to help get you the cash you need so you can focus more on what matters as you prep for parenthood!  

Find a location near you, or apply for a payday loan today!