Budgeting For Baby

DORAL (CBS4) ― Keeping your baby healthy and saving money at the same time is a bit tricky but with just a little effort, it can be done with seven easy steps.

"We try to purchase a lot of things that are inexpensive," Jashmine Chaviano, mother of 6-month old Anabella, told CBS4's Cynthia Demos.

That's a good start for the Hialeah mom but there are some things to keep in mind, especially when it comes to how much is spent on formula.

Most parents spend about $105 a month on formula but the easiest ways to save include breastfeeding as long as you can, use powdered formula because it's cheaper than liquid and buy in bulk at wholesale stores.

When it comes to diapers, the average price is $72 a month. One way to save is by using cloth diapers and search for deals online. Jashmine is signed up with Pampers.com.

The cost of daycare isn't an issue for Jashmine because she's a stay-at-home mom. There's nothing cheaper than that but for working moms, daycare and babysitters can get expensive. Babysitters are about $10 an hour and daycare can run up to $1000 a month. To save, ask a relative or friend to babysit, share a nanny or trade time with neighbors or friends.

And what about all that baby gear. The cost varies so if you want to keep costs down, just buy the basics. A car seat and stroller are essential. Try to get hand me downs from friends or relatives for other items like swings, and bouncy seats. Check out garage sales for deals and also community web sites like Craigslist or eBay.

Most parents can spend an average of $59 a month on baby clothes. The Craigslist website and eBay are also great for getting deals on baby clothes as well.

Feeding your baby is important and food can run new parents an average of $57 a month. The trick, experts say, is making your own food. A blender will pay for itself in a month.

When it comes to entertainment, most parents spend about $35 a month. To save, try and get hand me downs, borrow, use the library and use basic household items.

"She was playing yesterday with a bottle of water," said Jashmine.

Posted 29 October 2008 by Jackie