Well my fellow blogger, Middle Class Millionaire recently became a parent. So I thought I would share some things I’ve learned about raising kids and money so far.
Kids accept anything they grow up with as normal. This is your key to raising a happy child without going broke. For example, my kid mostly wears clothes from Walmart. Why? I don’t need high quality when the out grows it before wearing it out. So why spend the money, unless your wife is having a ‘It is SO CUTE’ moment and the item is on sale at the Please Mum store.
The fancy looking crib is really for yourself and not your kid. Otherwise you would just accept the fact it doesn’t have to look good to any but you 95% of the time for only a few years. Try to find one that converts to a toddler bed so you can really get some use out of it.
A cradle is a waste of money for most people. The kid doesn’t need to be in there in the first place. A few rolled up towels gives the same effect in the crib. Also the change table is a complete waste of money, because if you were really worried about their safety you would just change them on the floor on mat. You can also skip the baby tub, since a foam mat in the bottom of your regular tub works just as well for under $5.
Cloth diapers are WAY cheaper in the long run, so try to switch when you can. Bottle baby food is useful for the first try at anything, then wash the jars and get a blender and make your own.
If you want a cute custom receiving blanket, go to your fabric shop and buy 1 square meter (1 square yard) of fabric and hem the edges. My wife got a set of these from a friend and loved the extra big size.
One thing to really put some money into is a good chair in the kid’s room for the first while (if your really smart you might be able to just borrow one from elsewhere in the house). You will be in there a lot until the kid is sleeping through the night, so make sure you can get comfortable.
Other than that, buy a digital camera, as then you can take a few hundred pictures and just print what you need rather than everything.
One last thing, remember that your kid is more important than anything in the world to you, so get some life insurance for both of you and make sure you get the kid a SIN number ASAP so you can open a RESP account right away.