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Baby Cost – The 6 Best Ways on How to Save Money With Baby Expenses
The cost of a baby is a major concern for many people. This article will give a brief overview of some of the expenses you will encounter during the first year and the second year of raising a baby. Having gone through the experience twice, I will show you some tips and tricks that will help reduce the annual baby cost and monthly cost of baby expenses, diapers, clothes and food, etc. Plus I’ll go over a few things you might not. thought about, for example, life insurance.
Let’s start with the obvious, clothes and diapers. It is likely that you will receive a lot of clothes as gifts from family and friends. I know that with us we never really had to buy many necessities. The first two years we got clothes. You usually get a lot with your baby’s first year. You might want to register with your favorite store for clothes and whatever else you think you’ll need so people don’t give you too many multiples of what you need. But if you find you still need clothes and you’re on a budget, there are plenty of second-hand baby stores to go to.
The question that will probably come up is how many clothes do I need? During the first six months depending on the season and the child you will need many receiving blankets (7 to 10) to swaddle and keep them warm. There are already made wading blankets that you can buy. You will also need between 8 to 10 one-piece outfits. My wife found that she would go through 3 to 4 outfits a day.
With diapers, we bought a pack of newborns before our kids were born. After that my wife made a mixture of fabric and disposables. We bought 20 diapers and 4 plastic covers. We would also go through 1 to 2 packages of diapers per month.
One of the most important, if not the most important thing you should consider is having the appropriate amount of life insurance as part of your baby’s cost expenses. I’m not here to lecture, but the question you really have to ask yourself is, will my baby be well taken care of financially if I’m not here. I know it’s a subject we don’t like to talk about, but it’s something we owe it to our dependents to address.
How much insurance should you have is the next logical question. The rule of thumb is that you take your annual income and multiply it by 10, then you add any other expenses you’d like to pay, such as your mortgage or any outstanding debts. The equation would look like this: Assuming an annual salary of $50,000 and a mortgage, we would want to be paid of $200,000:
$50,000 x 10 + $200,000 = $700,000
The reason you multiply by 10 is that you would take the $500,000 and put it in a fairly conservative mutual fund that pays between 8% – 10% annual returns over time. That way your dependents could live off the interest, which would be roughly what your annual salary would be and the principle ($500,000) is not affected.
The other point that needs to be made is what kind 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 the most coverage for the least money.
I will go into other cost expenses in another post. I will go into more detail about the differences of the two types of life insurance and why you should only look at term life insurance. In the meantime I strongly suggest you get some insurance quotes. I have provided one reputable source in the link below. Talk to you soon.
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