Mommy Money Matters
by Jacqueline Friedhof
Remember being pregnant? It’s quasi-celebrity status. You have your own parking spots at the grocery store. You are treated like a queen and have parties thrown in your honor. Even strangers smile warmly at you. Ah, the bliss of being pregnant. It’s a time filled with hope and peace and that inner glow of what’s to come.Then you give birth and before you can say sleep-deprived, you realize just how draining this whole experience is…particularly on your pocketbook. No one pulls you aside in Health Class and tells you that a box of diapers costs $25 and a can of formula can run as much as $33, not to mention full-time childcare which, for infants, runs an average of $800 per month. If this seems overwhelming, don’t worry, you’re not alone. I thought I had planned to the penny before my son was born, but nothing prepares you for the unexpected quite like experience. I realized very quickly that I had wasted a lot of money on things I didn’t even need. I bought clothes that he never wore. And I didn’t listen to people who had the experience I didn’t have. Huge mistake.
Fortunately, I’ve had three years to adjust my finances and I’m finally starting to get the hang of this whole motherhood thing. We’re even planning a family vacation to Disney World for next year, which is a big step for us. It takes dedication and discipline, but you really can balance your budget with your new addition and not feel like you’re drowning. It may take some time, but it will come if you really commit to cutting certain corners.
Even so, new financial challenges turn up for me every day and I recognize that that will never go away. There are days I’ll be shaving my legs and have a near panic-attack thinking about the fact that I haven’t started planning college funds yet, or a will, or what about when he gets married and we’re supposed to pay for the honeymoon? I guess that’s where SLC Insurance Services is going to save the day for me in the long run.
In the short run, here is a list of money-saving tips from my pocketbook to yours. I hope they translate into real dollars for your family. If so, I hope to see you in Orlando next year! Now wouldn’t that be a “Small World”?
How to save:- Hand-me-downs, hand-me-downs, hand-me downs! Did I mention used items?
- Don't buy new! Use Craigslist.com as much as you can. You can find so many almost new items for half the price or less. Those people who post ads obviously didn't get these tips beforehand ;-)
- Coupons! Don't underestimate the power of 2-for1!
- Free samples of baby stuff is everywhere if you look, so stock up on those (wipes, powder, etc.)
- NURSING saves a lot on formula, bottles, etc. Plus it's the recommended way to feed baby and builds immune system.
- Don't BUY breastfeeding or baby clothes in advance, as tempting as it may be. You don't know if you'll end up breastfeeding (only baby will dictate that!) and you'd be surprised how many dollars are wasted on clothes that baby never wears or outgrows too soon. Better to accept all those hand-me-downs and only buy a few new things as you need them.
- Don't bother with baby shoes, as cute as they look. Babies aren't supposed to wear them until after they are walking anyway (to form their feet arches properly).
- Breast pump (but I wouldn't do this until AFTER you have breastfeeding established and you know you're going to stick with it for 4 months or more in order to make the most of your investment). [Shannah, I bought mine after birth and used it for a whole year of breastfeeding. It was a life-saver, but not the case for people who buy it beforehand, use it for a short period of time and then bail on the whole idea. That's a waste of money and they are hard to resell because of the sanitary issue.]
- A really great umbrella stroller. No, I don't mean the $10 one from Wal-Mart (although that works out great later on!). I mean a high-end, high-frills, easy steering and COMPACT stroller. My personal favorite is the Maclaren Quest, but all Maclarens are great. The other most common favorite I've heard is Peg Perego.
- Diapers/wipes (duh)
- ONESIES!!
- Receiving blankets
- Burp cloths (that's a big one...you go through a bunch a day)
- Rocking chair if you have one
- Water...for formula or to replenish mom if she's nursing
- Lots of good movies and reading :-) You need to stock up on things YOU like, too, so you don't burn out in those really tough first few weeks.
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Stanley L. Compton, CLU, RHU Ca. license #0B61029 | Shannah L. Compton, MBA Ca. license #0F29932