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How's Business? Spend wisely on children

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Babies have no concept of or sympathy for our challenging economic environment. At most of the networking meetings I attend, I consistently hear one of two things: “I would love to have another child but cannot afford to” or “I have to wait a few more years before we can start having children— we just cannot afford to have a kid right now with our tight budget.”

So how do we save money on baby care? If you are a mom-to-be, ignore store registries. They are really the baby product industry marketing its own products. Babies do not need that much in the beginning. Clothing, formula, a crib, a stroller and diapers are the necessities.

It is OK to use secondhand goods from family members. Most times the secondhand goods are about new as it is. I tell my wife all the time that my kids have more toys than my brother and I had combined growing up. We should buy more toys of quality, not in quantity.

If you spread the word to baby vendor groups that you are getting married, you will be astonished at how much free stuff and coupons they will send you. Keep in mind they are looking for you to use their products for the long haul and possibly second and third kids.

So How’s Business regarding saving on baby care? My wife and I have a boy, 4, and girl, 2, and they raised our cost of living. They have made us look at how we shop with regard to what we need as opposed to what we want. Parents can expect to spend approximately $292,000, accounting for inflation, over the first 17 years in the life of a child born this year. But if our parents and grandparents were able to afford having a lot of kids, perhaps we can also do it if we follow a more disciplined protocol with our budget.

Contact Joe Palumbo at 516-297-4034 or jp@c21amhomes.com.

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