Time vs. money: Baby steps toward saving
Ask any parent about the costs of raising a baby, and you’ll encounter a bevy of mixed emotions. After all, having a child is an exciting milestone, but it’s also an investment. In a baby’s first year of life, a middle-income family can expect to spend $16,180, according to the USDA.
Some would-be parents may ponder if they will fare better using traditional vs. modern ways of caring for their cherub. “There are always trade-offs to time and money,” says Crystal Stranger, an accountant and author of Pro Choice: A Financial Guide for
Women. “It really depends on personal choices and belief systems more than anything else.”
We spoke to parents and family finance experts to compare the costs, benefits and time commitments of old-school baby-rearing vs. more modern ways. Here’s what we discovered. BREAST-FEEDING VS. BOTTLE For Laura Knolle, a certified financial planner at EP Wealth Advisors in Lafayette, Calif., and a mom of a 19-month-old, the decision to breast-feed had less to do with cost than a healthy start for her baby. “I would estimate that I saved $60 per month (the cost of two boxes of dry formula) or $720 a year by breast-feeding,” Knolle says. “However, nursing is a major task for a new mom, especially one who works full time.” And the savings? “Our bodies require more calories, so I’m sure I ate more than I saved,” she says. CLOTH VS. DISPOSABLES Disposable diapers are the ultimate convenience item. Babycenter.com estimates disposables will cost parents $72 per month. If you decide to go au natural and do it yourself with cloth diapers, expect to shell out only $19 per month, plus a small bump-up in water and electricity usage. On average, that’s a savings of $53 per month, or $636 per year.
Stranger, who has a toddler and another baby due in January, expects to use some cloth diapers this time around in addition to disposables. “Cloth diapers make it easier to transition to toilet training because the child can feel when they are wet,” Stranger says. The cost of diapers vs. disposables comes down to the type you buy, how many your baby uses daily and how long it takes to potty train. Either way, shop around to get the best deal. MAKING FOOD VS. BUYING Some parents like the convenience of more costly on-the-go food to supplement their more affordable home cooking. Others — such as Thelma Luisa Anderson, who works 40-plus hours a week as a hairstylist in Teaneck, N.J. — don’t have the luxury of extra time. Even though her son Rey Alexander is almost 2, Anderson still sometimes gives him baby food in a jar. “When you buy, you move quicker,” says Anderson, who spends a maximum of $1.50 per jar. “When you’re cooking, you have to take more time.” USED BABY GEAR VS. NEW Secondhand clothing and toys are fine, but when it comes to cribs, strollers and car seats, buy new, says Brett Graff, author of Not Buying It: Stop Overspending and Start Raising Happier, Healthier,
More Successful Kids. At a thrift shop, you don’t how old something is, so it may not be up to today’s standards. However, you don’t have to spend thousands. “A more expensive crib or car seat won’t make your child safer because they all have to abide by the same safety standards.”
When it comes to raising babies, Graff says it doesn’t come down to one choice over another. “Evaluate your choices, know what you’re buying, and do what’s best for your family,” she says.