Money 305: Big Decisions – New Baby

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Money 304: Big Decisions – Getting Married

Save as soon as you’ve conceived to afford the new expenses

Don’t try to buy a house or make any other significant purchases

  • Babies don’t take much room, especially when they’re newborns
  • You won’t have to buy much at first, and the expenses will gradually come as they’re needed

The baby industry, like the wedding industry, is inundated with useless products and expensive conveniences

The cheapest crib you can find is a Pack and Play, which converts from a bassinet to a crib and often includes a changing station

Educational toys and media are entirely unnecessary for a child’s healthy development

In fact, great parenting comes more from spending quality time with them than anything else

Don’t buy new clothing for them

Within a month, babies outgrow everything they wear until they’re over a year old

Babies outgrow their clothes far more than they wear them out

When their shoes get too small, put on three pairs of socks, put the shoes on and blow dry them for 10 minutes to make them fit right

Most of the children’s products are more for you than for them

An expensive toy will fascinate a baby about as much as the box it came in

  • “Edutainment” consumer goods don’t work nearly as well as spending quality time with them or exposing them to new places

Many safety items provide more emotional security for the parent than the safety of the child

Don’t buy baby monitors

  • Have them sleep in your room and then transition them to theirs when they’re old enough
  • Use a smartphone video chat app

Don’t buy a life insurance policy for the baby, since the only expense will be burial expenses

Children have long-term benefits

Take advantage of the tax benefits from your child

Set up a college or marriage fund early on

Enjoy the entire experience and stop thinking about what you can buy for them

Next: Money 306: Big Decisions – Home Ownership