Have you ever wondered just how much you spend on your baby in the first year? I’ve never really sat and broken it down – I just know it is a LOT. There are savings to be made though – for example, breastfeeding your baby instead of formula feeding could save you more than £1500! We made a few other saving when Eliza was first born too, by using cloth nappies , which saved a small fortune – just think how many nappy changes you make in a day! Then there’s the pram, the cot, the baby monitors and clothes – it seems never ending doesn’t it?
So just how do you budget for a baby? There are a few ways you can save. We got a lot of baby equipment second hand, from local selling sites or auction sites such as eBay. Remember to avoid second hand car seats and always get a new mattress if you buy a used cot or moses basket. Check out charity shops for baby clothes – they wear them for such a short time that you can often get some hardly-worn bargains. Ask friends with older children if you can have some of their baby toys – again these are outgrown really quickly, so you can pass them back or gift them to someone else in a few months.
Childcare is another thing you may need to budget for, especially if you are planning to return to work. An average full time nursery place can cost over £220 a week – a real chunk of your wages – so make sure you look into things such as childcare vouchers and salary sacrifice schemes, as well as seeing if you are eligible for working tax credits to help out with costs. Make sure you’re really comfortable and happy with the nursery you choose – it’s so important that you feel confident leaving your little one there.
This infographic from Busy Bees Childcare is a great way to see the average cost of a baby’s first year, and what sort of figures you need to budget for. Created by childcare providers in Tunbridge wells https://www.busybeeschildcare.