How to Afford a Baby on any Budget

It is estimated that the cost of raising a child until age 18 (without paying for college) is $250,000. You prepare your body for a new baby, so why not prepare your finances, too? Here's how.


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Things You'll Need

  • you'll need to be a savvy saver to pull this off!

Instructions

    • 1

      Plan ahead, but stay flexible. Decide where the baby will sleep, who will care for him during the day, whether your living situation is sufficient (at least for a while), and whether the baby will be breast-fed. But stay flexible; some things that seemed simple may not work out; you may find that you cannot share a room with the baby for one reason or another.

    • 2

      Make a list of things you spend money on each month and decide how many things you can live without. Dining at restaurants is a great place to cut back, and it's easy to start making your coffee at home. The extra money will be spent on diapers and anything else your child will need.

    • 3

      Take advantage of hand-me-downs. Ask friends, neighbors and other recently new parents if you can borrow items like a crib, carseat, old (but gently used) clothing, stroller, etc. Just make sure items are safe according to current standards. A soda can should NOT be able to fit between the bars of a crib.

    • 4

      Instead of going on 10 shopping sprees before the baby is born, consider buying items as you need them. Many items will be given to you, and you can supplement with purchases you need. You may decide that the baby wipe warmer you really wanted is kind of impractical.

    • 5

      As the baby ages, consider buying a food processor to make your own baby food, and the baby can get used to foods you and your family usually eat. For as little as $20, you can buy the Black & Decker EHC650 to introduce your infant to solids, and you'll never have to buy baby food!

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