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Baby Cost – The 6 Best Ways on How to Save Money With Baby Expenses
The cost of the baby is a big concern for many people. This article will provide an overview of some of the baby expenses you will encounter during the first and second year of raising a baby. After going through the experience twice, I will show you some tips and tricks that will help reduce the annual cost of the baby and the monthly cost of baby expenses, diapers, clothes and food etc. thought of, for example life insurance.
Let’s start with the obvious, clothes and diapers. Chances are you will receive a ton of clothes as gifts from family and friends. I know with you we never really had to buy a lot of necessities. The first two years were either given clothes. You usually get a lot with your baby in the first year. You might want to register at your favorite store for clothes and anything else you think you’ll need so people won’t give you too many multiples of what you need. But if you find yourself still in need of clothes and you have a budget there are many second hand children’s shops to go to.
The question that will probably come up is how much clothing do I need? During the first six months depending on the season and the child you will need a lot of receiving blankets (7 to 10) to swaddle and keep them warm. There are swaddling blankets already made that you can buy. You will also need between 8 and 10 one-piece outfits. My wife found that he would go to 3 to 4 teams a day.
With diapers, we bought a newborn pack before our kids were born. After that, my wife made a mixture of cloth and disposable. We bought 20 cloth diapers and 4 plastic covers. We would also go through 1 to 2 packages of diapers a month.
One of the most important, if not the most important thing you should consider is having the right amount of life insurance as part of your baby’s expenses. I’m not here to lecture but the question you really need to ask yourself is, will my baby be well taken care of financially if I’m not here. I know it’s a topic we don’t like to talk about but it’s something we have to take care of our dependents.
How much life insurance should you have is the next logical question. The rule of thumb is you take your annual income and multiply it by 10 then you add any other expenses you would like to pay, such as your mortgage or any outstanding debt. The equation would look something like the following: assuming an annual salary of $50,000 and a mortgage we would like to get paid of $200,000:
$50,000 x 10 + $200,000 = $700,000
The reason you multiply by 10 is you would take the $500,000 and put it in a fairly conservative mutual fund that over time pays between 8% – 10% annual rate of return. In this way your dependents could live in the interest that would be approximately your annual salary and the principle ($ 500,000) is not touched.
Another point that needs to be made is what type of life insurance you should get. Generally there are two types and they are called cash value and term insurance. The most suitable for the vast majority is called term insurance. It gives you more coverage for less money.
I will go into other baby expenses in another post. I will go into more detail about the differences in the two types of life insurance and why should only look at term insurance. In the meantime I strongly suggest that you get a number of insurance quotes. I have provided a reputable source in the link below. Talk to you soon.
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