Dear Dr. Tightwad: We are expecting our first child, and we are staggered by the cost.
Even with insurance, the birth alone is going to set us back several thousand dollars. Add another couple of thousand for nursery furniture and equipment.And that doesn't even count the money we're supposed to be saving for college.
We're starting to panic.
Answer: First-time parents are supposed to panic. By the time number two comes along, you'll have things well under control and you'll have plenty of hand-me-downs to boot.
Meanwhile, take a deep breath and chant these mantras:
- Think bargains. Children outgrow clothes and paraphernalia so quickly that you can find nearly new stuff at discount prices in consignment and secondhand stores.
And you may be able to get even bigger price breaks by shopping for medical care. For example, Denise and Brent Hoke of War-rens-burg, Mo., found a hospital that offered a prepayment plan.
The Hokes paid the entire cost of care - $2,000 - about four months before Denise's estimated due date, instead of paying more than $5,000 after the birth.
- Think practical. Buy furniture in a neutral style (classic oak, modern pine) that will suit either sex and still be usable long after the crib is gone.
When shopping for any kind of equipment - stroller, high chair, back or front carrier - buy the model that's easiest for you to handle and operate using only one hand (your second will invariably be occupied with the baby).
- Think simple. Dr. T sheepishly confesses that when her first child was born, she signed up for one of those toy-of-the-month clubs.
The toys were clever and educational - but mostly for mom, who learned that children will never like fancy toys enough to make you think you've gotten your money's worth.
Stick with wooden spoons and pot lids.