Did you know that there are seasonal patterns for births in the United States? I just learned that births tend to peak in August and September.
Any life change can be hard on a family budget, even if it is a happy event like the birth of a child. Babycenter.com's survey found that it costs an average of $7,542 for baby's first year, not including medical costs. Of course, the costs of raising a child can vary greatly based on the choices you make so this is not a case where one budget fits all.
Following are Sweet Pea Baby Planners’ top five tips for smart spending:
- Know Thyself – Understanding your lifestyle and who you are (or will be) as a parent is key to making smart investment decisions.
- Can It Wait? – There are many items parents buy thinking “I’ll probably need this,” or “The Andersons have this, I must need it too.” Don’t give in. If you are still tempted, make yourself choose between two things, which will force you to determine which is most important.
- Choose Wisely – Be sure to consult the American Academy of Pediatrics for the latest guidelines.
- Save Receipts – Sometimes the things you think you’ll need quickly become things you don’t need. Save those receipts and return the items!
- Safety! Safety! Safety! – Recalls, warning labels, lead paint. Sign-up for free email alerts from the US Consumer Safety Commission at cpsc.gov