How to Save $3000 in the First 2.5 yrs of Baby's Life
November 24th, 2009 by Diane Sam
How do you save your family about $3000 in the first 2 1/2 years of having a new baby? I've listed four simple things, based on some quick 'google' research, and a little analyis!
1. Breastfeed exclusively, i.e. no costly formula.
Breastfeeding Saves a tonne of money on formula costs: http://pregnancychildbirth.suite101.com/article.cfm/cost_comparison_of_breastfeeding_and_formula
So, based on approximately 24 ounces of formula consumption per day, and using the cheapest type of formula:
Powdered in Cans (Mix with Water) - Cost Per Day - $3.75, Cost Per Month - $112, Cost Per Year - $1,350
(we're only going to count a year, because after that you don't need formula anyway).
2. Use cloth diapers instead of disposable.
(From reference: http://www.ehow.com/how_4785879_cloth-diapers-vs-disposable-diapers.html)
If you go the very cheapest route (prefolds and covers), you can get all of your diapering supplies from birth through potty training for about $200 to $300. Based on a Consumer Reports estimate of the cost of a wash/dry cycle (44 to 78 cents per cycle), the average cost of energy and detergent to wash the diapers is about 61 cents per load, and you'll likely wash 2 to 3 times per week. At the high end, this means you'll spend less than $240 to wash and dry cloth diapers if you do 3 loads per week for 2.5 years.
For disposables, the cheapest diapers are about 22 cents each. Let's assume you change an average of 6 diapers per day for 2.5 years (that's a conservative estimate – you'll change more diapers in the newborn period, and chances are the diapers you buy will be more expensive than 22 cents each, especially as your child gets bigger). The grand total comes to over $1,200. At the high end (again, depending on how many diapers you use per day and per-diaper cost), you can expect to pay $2,000 or more for disposables from birth through potty training. So, Let's just take the average between the high and low and say it'll be around $1600 for disposables, subtract $500 for cloth diapers and washing, and you'll save another $1000.
3. Use washable menstrual products (pads/menstrual cup) instead of disposables.
So, let's say if you have an average flow, it'll cost you about $10/month for disposable menstrual products like pads and tampons (disposable stuff is yuck, in my opinion, but that's another blog posting). If you get a basic kit of washable pads and a diva cup, it'll cost you about $100 (and that's the good quality stuff, e.g. Lunapads, Diva Cup). So, given that the washable products last about 7 years, I'm going to amortize the cost of them over that time frame, and calculate that you'll save yourself about $255 in 2 1/2 years.
4. Eat at least one Vegetarian meal a week.
Experts estimate that switching to vegetarian eating is going to save you about 20% on your grocery bill, so I'm suggesting only 1 day a week, so 1/7 of that is a savings of about 3%. So, at an average of about $800/month for a family of four, that's a cost savings of $720 over 2 1/2 years.
Add them all up that's a savings of $3324 in the first few years of parenthood! With modern products such as cloth diapers and alternative menstrual products, and all the great vegetarion options available today, this is all pretty painless and easy to do. Of course I haven't even mentioned the reduced environmental costs and improved health costs!
Plenty left over to splurge on a nice MoBoleez hat! Or a pretty pumping bra ... or maybe an education fund... LOL!!!
Comments? Other cost saving suggestions? Let us know!
Post filed under: Articles
Comments
Wendy Armbruster Bell said:
Great advice Diane! I am proud to say that I did/do most of those money-saving points, however there is ALWAYS room for improvement on all of our parts!
November 24th, 2009 3:43pm
Jessica said:
Cloth diapers, done. Breastfeeding, done. Washable menstrual products, no quite ready. Maybe after the diaper part. =) If some people are not eco-friendly, chances are they are concerned about their spending. So even if you don't do it for the environment, but for the savings, at least you're helping !
Very nice post ! =)
November 24th, 2009 4:49pm