Home SocialChildcare 5 Common Financial Mistakes Made by New Parents — That You Shouldn’t

5 Common Financial Mistakes Made by New Parents — That You Shouldn’t

by David Ryan
0 comment
5 Common Financial Mistakes Made by New Parents — That You Shouldn't

The thrill of being pregnant and preparing for a baby is palpable. When the party results into a Pinterest-perfect nursery, though, it’s easy to lose track of hundreds of dollars (or more) without realizing it in buying baby care products.

Here are a few financial blunders that new parents should avoid.

#1. Preventative Stockpiling

Stick to the necessities and resist the intense nesting desire. The only things you really need are clothing, diapers, a secure place to sleep, and a car seat. Everything else is up to you, and after you get to know your kid, you’ll want to accommodate their preferences. This is particularly true when purchasing items like swings and carriers, which you may wish to test with your infant before purchasing.

Plus, you’ll always be able to buy what you need when you want it. With services like Baby Travel Time, no mother should feel like she needs to manage a baby boutique in her basement.


#2. Purchasing All New Items

It’s difficult for some of us to consider placing your pure, lovely infant in a used stroller. However, by the time that baby is a few months or years old, you may be blaming yourself for investing in new equipment. I indeed started out purchasing everything brand-new that I needed. Over time, I understood that several pieces of equipment, such as a bouncer or a bathtub for bathing the infant, might have been borrowed or purchased secondhand.

I recommend checking Facebook parent groups or garage sales if no one in your friend or family group has older children. However, keep in mind that certain items should be bought brand new: You shouldn’t purchase a secondhand car seat unless you know and trust the whole history! 

#3. Not Looking at Cost-Cutting Options

Cloth diapers aren’t for everyone, but they can help you save money. For the first two years, cloth diapers cost $800 to $1,000, compared to $2,000 to $3,000 for disposables. I really want to cry when I think about how much money I spent on disposable diapers. Cloth diapers appeared prohibitively costly at the time, but in hindsight, they would have paid for themselves within the first year of my daughter’s life.

People may be concerned about water costs, but I don’t think there is much difference. The washing habits will already grow during the first few months of pregnancy.

#4. Buying Every Gadget Out There

You don’t need a baby gadget just because it exists, just like you shouldn’t buy every latest iPhone! It’s easy to be tempted to buy your kid the same developmental toy or play mat as other parents. On the other hand, your child will have no idea what they’re missing. 

While baby blogs and parenting websites may extol the virtues of owning a jumper, a play gym, and so on, most little children are content to relax on a blanket outside or on your living room rug. Save your money for the years when your child is a toddler.

#5. Underestimating The Cost of Childcare

Childcare is quite expensive. Many new parents make mistakes when deciding whether they should remain at home with the infant or hire childcare. Most couples deduct the expense of childcare exclusively from the mother’s wages. 

Instead, I’d advise women to split the expense of childcare between their own and their partner’s salaries. It’s a psychological gimmick, but it works!

You may also like

Leave a Comment


ArchitecturesLab: Your digital blueprint for comprehensive coverage of news, health, technology, education, politics, entertainment, sports, and beyond. Explore, learn, and stay informed with our diverse content offerings.

Edtior's Picks

Latest Articles

©All Right Reserved. Designed and Developed by ArchitecturesLab.