TOPIC: Putting cash away for first child

Putting cash away for first child 2 months 6 days ago #86494

Hi Everyone,

Just wanted to throw a quick question out there on how much cash you would need to support the first year of having your first child. I am currently engaged to my partner and I am wanting to be sensible in starting to put some money away for our first child. I know there probably isnt a right or wrong answer to this but wanted to ask you guys.

Have you got any money saving tips or things I could implement into my life before I become a Dad?

Cheers everyone!

Dale
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Putting cash away for first child 2 months 5 days ago #86505

That largely depends on what kind of childcare arrangements you will have in place. If your child goes to a nursery early on, that will cost a lot more than if he/she is cared by the family, but you need to balance this with you child's developmental needs and the benefits they get from a stimulating nursery environment with lots of play and other children.

You'll find large upfront one off costs in things like a baby cot, bedding, car seat, baby pram, nappy bag, feeding bottles, bottle steriliser, stair gates, changing mat, etc ...

Then there are the recurring general costs, nappies, wipes, milk, clothes (they outgrow them quickly initially), etc ...

You may also have baby specific recurring costs, ie, mine has sensitive skin, so we keep buying special nappy rash cream and bath lotion.

When you combine it all, the actual numeric cost really depends on how you go about it. Maybe you'll buy everything brand new from a top quality shop, or maybe you go to NCT nearly-new sales and buy used items (which your child will outgrow quickly anyway) at much cheaper prices. You can also find lots of items at car boot sales, but quality will vary.

The other thing people do to keep costs down is to join NCT courses, build a network of parents who have children within a few weeks of each other, and as one baby outgrows certain items, the parents exchange with each other. Our baby wore some clothes only 2 or 3 times, so this makes a lot of sense really.

The big cost to watch out for is definitely nursery costs. The child being looked after by the family can save on costs, but after your child starts walking (mine did after 9 months) and wants to explore the world, it helps their development to be out and about and interacting with other children, so if nursery is too expensive, a good childminder can be a good option too.

Hope that helps.
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Last Edit: 2 months 5 days ago by superprouddad. Reason: correct link to nct courses page
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