Dude, You're Gonna Be a Dad! by John Pfeiffer

Author:John Pfeiffer [Pfeiffer, John]
Language: eng
Format: epub
Tags: HEALTH & FITNESS / Pregnancy & Childbirth, HUMOR / Topic / Marriage & Family, FAMILY & RELATIONSHIPS / Parenting / Fatherhood
Publisher: F+W Media, Inc.
Published: 2011-03-17T11:00:00+00:00

Making Sense out of Every Dollar

Man, these babies can be expensive! But this is not the time to feed your inner CEO and look at your child-to-be with an eye on its ROI. Even so, you do have to plan for the baby’s expenses, just like you’ve planned everything else. Disposable diapers alone cost about $100 a month. Now, you need to feed and clothe this baby, because child-labor laws prevent you from sending babies out into the workforce for another few years. So there are a couple more things you’ll need to budget for:

Special furniture, appliances, and transportation needs. Car seats, high chair, changing table, and stroller. Don’t forget to throw in a bouncy seat and toys. Oh, and the high-definition baby video monitor, complete with night vision! Try getting some of these items second-hand, as hand-me-downs from friends and family, from garage and yard sales, from Craigslist, or at consignment shops. Check the Consumer Product Safety Commission’s and manufacturers' websites to make sure anything you’ve purchased used hasn’t been recalled for containing lead paint or deadly metal spikes. Maybe you can space out your purchases and purchase items you won’t need right away further down the line.

Baby clothes. Didn’t we just splurge on maternity clothes? Crap. Still, with all the stores out there, the law of averages means some baby clothes will be good enough for your baby. Another option is to find less expensive, “gently worn” clothes. This is code for used. Consignment stores can help clothe your newborn on the cheap. Unfortunately, working against you is the fact that these kids tend to grow. So as their size changes, you’ll need to buy new items. Depending on where you live, you may also need to buy seasonal items. Don’t forget, you’ll be in a perpetual cycle in which Baby outgrows his clothes and needs new ones. If you’re considering having more kids, box this stuff up.

Education. Feeling like a go-getter? It’s never too early to put aside education funds. More parents are sending their kids to private schools across the United States. Oh, and don’t forget college. The cost of college tuition is rising faster and faster. The home-schooling trend seems to have some momentum these days, as parents save money. If private school is too expensive and the public school is unacceptable, this may be your only choice. (Just make sure your child is exposed to other children more frequently than once a month, or your son will end up being that guy in the office who doesn’t respect personal space and whose breathing is actually audible during meetings.)

Life insurance. Do you have life insurance? If something happens to you, do you want your BMP to face a difficult choice such as going back to work, taking on a second job, or finding another breadwinner? At least discuss this one with your BMP. There is no magic formula. Simply figure out what exactly you would want the life insurance proceeds to cover, and calculate how much that would cost.

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