Budgeting - What to Financially Expect When You’re Expecting
Pregnancy and becoming a parent come with a whirlwind of emotions and changes. And if there's one thing that's bound to get shaken up, it's your budget. As a financial advisor and a dad of two (with another little one on the way), I've navigated the rocky waters of managing finances while raising a growing family. So, let's talk about some practical ways to give your budget a breather: buying in bulk vs. retail for baby supplies, getting ahead on stocking up, and cutting back on eating out.
Bulk vs. Retail for Baby Supplies
Let's face it: those tiny humans come with a big price tag, especially when it comes to essentials like diapers and wipes. Shopping smart can make a significant dent in your budget. Take it from me and my wife, we've found that buying in bulk from places like Costco can save you a bundle.
For example, a box of Kirkland size 1 diapers (192 diapers) at Costco costs $34.99, while a box of 900 Kirkland baby wipes goes for $21.99. That's a total of around $57. Now, compare that to what you'd pay at Target for Pampers Pure size 1 diapers (132 diapers) at $44.99 and Pampers Pure wipes (672 wipes) at $34.49, totaling roughly $90. You're shelling out $30 more at Target for fewer diapers and wipes. Trust me, sticking with the bulk buys will keep your budget happier.
Stocking Up Ahead of Time
Here's a nifty tip from a guy who's been through the baby phase twice: stockpile those diapers and wipes before your little one arrives. No, I don't mean clearing out the store shelves. Just make it a habit to grab an extra box of diapers or wipes during your regular grocery runs. It'll save you from those last-minute dashes to the store and give you time to adjust your budget without feeling the pinch when the baby arrives.
Reduce Eating Out
Budgeting is tough on its own, and having a baby on board makes it even trickier. One way to free up some cash is by cutting back on eating out. Let’s be real, grocery shopping + dining out just isn’t viable for many budgets. Focus on meal planning, finding deals on groceries, and making your ingredients stretch across multiple meals. It's also a good idea to shop around for the best prices on your staple grocery items rather than sticking to one store out of sheer convenience.
My wife and I switched to getting most of our groceries from Aldi instead of Target, and it slashed our weekly grocery bill significantly. Small changes like these can leave extra cash in your pocket. The road ahead might seem overwhelming, but with these tips, you'll be better prepared for the financial journey of parenthood ahead.
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