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10 great savings tips for baby's first year

Apr 10, 2008

  1. Budget, budget, budget – the quicker that you prepare and adjust to the cost of raising a child, the easier it will be for you in the long run.
  2. Look out for bargains – there are a lot of good bargains out there and you have plenty of time to look during your pregnancy. Online shopping such as eBay is a good option for those initial one-off purchases.
  3. Buy second hand – no point in having the best of everything if they are going to grow out of it in six months time. You are better off putting the extra money towards their education.
  4. Buy generic – does your little bundle of joy really need to have the more expensive brands in his or her’s first year?
  5. Borrow from family & friends – not money, but rather borrow baby gear such as prams and baby capsules that they no longer have a need for.
  6. Breastfeeding – a popular choice by most mothers is to breastfeed anyway but plan on spending up to $50 per week if you intend on using formula.
  7. Don’t throw them away – even allowing for their original purchase and subsequent washing of them, cloth nappies are about half the cost of disposable ones.
  8. The power of compounding interest – it is alot easier to start saving for your child’s education now on $100 per month rather than have to find triple the amount in five years time.
  9. You don’t have to buy everything – expect grandparents and friends to shower you with cute little outfits and fluffy toys.
  10. Buy in bulk – when there are specials this is the time to bulk up and take advantage of the cost savings

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