Baby Savings: How to raise a child economically
Savings beyond coupon clipping
Garage Sales
Don't laugh. Garage sales can be a great strategy for finding bargains on things you need or could use. From baby clothing to toys, fitness equipment to furniture, you can find some real gems. What makes it a good savings strategy is having some consistency to this process. For example, go on a "garage sale" ride once a month. First, write out a list of things you actually need for the next 3-6 months. Most garage sales are on the weekend (typically Saturday) and signs are often posted in advance, or you can often look through the local newspaper. Once you get to one, quickly look for necessities. If it's a toy or a piece of electronics, ask and check if it works. Don't forget to negotiate the price. Then, move on to the next house. My most recent finds at a garage sale were a dozen great children's books in absolutely perfect condition, a good-as-new train table and a Leapfrog toy. On the other hand, having a garage sale yourself, once your kids are older, is a nice way to get rid of clutter in your home and raise some cash.
Mom Swap parties
If you are a member of a mom's group, you've probably heard of a swap party - costume swap around Halloween, clothes swap throughout the year, toy swap during the holidays. It's a perfect opportunity to clear some space in your house and get some new items. Moms don't want to get things that are showing wear and tear, so it's unlikely they will bring anything worn out themselves. So it's a great money-saving activity. If you are not a member of any mom groups, you can join them - look in your community center or online; or you can always organize a swap with your mom friends.
Shopping eBay or Craiglist
A common misconception is that you have to buy used products on eBay or Craig's list. Not true. There are tons of brand new bargains you can find online. From food processor to toys, winter jackets for kids and auto parts - there are discounts to be found on never-used products. You have to be smart about bidding but you can start by simply watching the items during an auction to see the process in action. When buying an item, check that you have all the information you need and pictures of every detail you'd like to have. Never hesitate to ask the seller any additional questions or request more pictures. Finally, estimate the worth of an item you are shopping for first and look at similar items on eBay to see what the real value is and what you should try to buy it for.
Smart planning
If you are planning to have another child, no matter what happens in the future, be mindful when buying clothes and furniture for your first child. I am still regretting getting so much of the blue and sports-focused merchandise, since I am now hesitating having my baby girl wear it. Many people never find out the gender of their firstborn in the first place, so they end up with more neutral rooms and clothes, and it may be a smarter way to do it than overdoing a certain color or scheme. There is nothing wrong getting a few football sweatshirts or princess dresses for your little ones, but having some neutral clothes, bedding and furniture will make it easier to use with your next child. If this is tough for you, well, there is always a garage sale...
