The Overspent Parent: Common Baby Buying Blunders by Kimberly Danger
 

According to a recent MSN study, the average family will spend around $10,000 before their child reaches the age of two. Why are parents spending so much of their hard-earned cash on the smallest member of the family?  Here are some common mistakes that lead the average parent down the road to overspending…

Assuming Babies Need Everything on the Market

Turn on the TV, open up a parenting magazine or visit a baby superstore and you’re bombarded with ads for the latest baby gadgets, toys and gear.  Too many parents buy into the notion that their baby needs all those things.  Believe me: millions of moms before you got by quite nicely without a Boppy or a bottle organizer; and so can you.   Things like changing tables, bassinets and coordinated crib bedding, just to name a few, are all things that in most cases you don’t need at all or can make do without.   

Assuming Higher Price = Higher Quality

Every parent wants the best for his or her child.  However, assuming that things that cost more are better for their child is a fallacy that can result in unneeded spending.  By law, generic formula has to meet the same FDA standards as brand name formula, and costs about 30% less. Cribs and car seats must also meet safety requirements set by the government so a more expensive model isn’t necessarily safer.  In fact, some expensive car seats won’t fit your vehicle as well as a lower-priced seat. 

Overbuying

Baby clothes and toys are lots of fun to buy.  That’s why kids end up with so many of them.  Really, how many stuffed animals and designer outfits does your child need?  Chances are Junior’s favorite toy will be a wooden spoon and a cake pan or your Tupperware drawer anyway.  Resist the urge to overbuy.  If you end up with too many baby outfits, exchange them for larger sizes your child can wear as he grows older.  Start out with the bare minimum you need to get by.  You can always add on later.

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Not Tapping into their Creativity

Not only can you make a lot of things baby needs such as baby food, baby wipes, and even diaper rash cream at home (check out the book 1000 Best Baby Bargains for instructions) you can have fun doing it.  You can even design your own wall mural on baby’s wall with the help of an overhead projector – no artistic talent required! Investing a little bit of your time can yield a big return in your pocketbook. 

Not Reevaluating the Family Budget

No matter how hard to you try to save money, household expenditures undoubtedly go up after a baby is born.  Too often parents don’t alter their spending to accommodate the added cost.  Maintaining old habits can end up draining a family’s finances, even push them into debt.   Before your baby is born, be sure to figure the cost of daycare, lost wages, and baby expenses into your budget.  Get used to living on that amount of money ahead of time. 

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