Money-saving tips for new parents as the cost of raising a baby exceeds $310K

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Phoenix (3TV/CBS 5) – Every day we feel the pinch of inflation when shopping. Now add these increased costs throughout a child’s childhood. According to the Brookings Institution, the estimated cost of raising a child up to age 17 is now more than $310,605. That’s more than $26,000 according to 2017 estimates.

For new parents, financial stress can be overwhelming, but it doesn’t have to be. One of the best things you can do to keep costs under control with a new baby is to wait at least a while, says Andrea Voroch, author and savings expert.

“I think a lot of families think they need a bigger house or a bigger car to accommodate a child, whether it’s your first child or third child, but the reality is that kids have a lot of space. It’s not necessary,” Voroch said. “So I really recommend sticking with what you have. Adjust to your new lifestyle. Get used to the new expenses you pay and all the unexpected bills that come with having a baby. Come and take the time to figure out what you can comfortably afford.”

Voroch also suggests setting a budget, shopping for sales, and finding alternatives to brand new items, especially if it’s something you’ll be using for a few months. “I think the best thing you can do is talk to a parent who’s been through it all because I’ve been making the same mistakes, like I feel like I need the latest gadgets,” Voroch said. “Perhaps you can borrow one from friends or relatives who have recently had children. It’s also a good idea to gradually buy a used one. Now there are some things you don’t want to use like a car seat or a crib mattress, but there are so many things you can buy used and save a lot of money.

“There’s a cool browser tool called Beanie, and what it does is it lives in your browser and every time you make an online purchase for a kid, it shows you if it’s on another website to ready for resale. Available,” Voroch said. “It can help save a lot of money.” There are also rental options like Rents4Baby.com. The companies usually cater to traveling families, but if there’s an expensive product you can only use for a short time, Voroch says you rent it instead of buying it. can be inexpensive.

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