How to Have a Baby When You're Young and Broke (2024)

Bringing a child into this increasingly crazy world is a daunting task. Between the sleepless nights, the smelly diapers, and the inevitable teenage rebellion, the US Department of Agriculture estimates you’re gonna spend around $250,000 to raise that child from a baby into a semi-functioning adult.

But that hasn’t stopped thrifty new moms and dads from living their best lives. Here’s how this generation of parents is making it work.

Don’t Waste Money on Baby Toys

My advice, as someone who worked in the children’s toy industry for years, is to spend very little on toys for kids under two. Our son thinks a ceiling fan is the most interesting thing on the planet. Ordinary things are fascinating to them, because everything is new. If you’re spending more on baby toys than you are on dog toys, you’re doing it wrong. – Adam, 32

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Throw a Diaper Party

We paid for a keg at our local bar, and everyone who brought a box of diapers drank for free. We didn’t have to pay for diapers for nine months! Grace, 25

Look for New Parent Freebies from Baby Companies

If you’re going to have a baby shower, register at a place that offers registry freebies. Amazon, Buy Buy Baby, Babies “R” Us, and Target all have some kind of gift-box incentive for registering with them. They’re chock full of things like formula samples, coupons, prenatal vitamins, and pacifiers. If you register with them all, you can get four sample boxes for free. Also, baby food companies like Enfamil, Gerber, Nature’s One, and Similac all have loyalty programs that include sample boxes—and so do diaper companies like Huggies, Pampers, and the Honest Company. The gift boxes aren’t huge, but when you’re short on money, every little bit counts. –Hana, 27

Use a Midwife

My home birth cost a lot less than a hospital epidural, and you get way more bang for your buck. My appointments were as long as I wanted them to be, my midwives knew me well, and the peace and intimacy of a home birth is an amazing feeling. – Annie, 31

Shop Garage Sales and the Buy Nothing Project

Babies grow fast, which means most parents have a ton of baby stuff gathering dust in their attics. In my experience, most of garage sales feature something baby-related—carriers, clothes, toys, whatever. If you have friends and family with older children, they’ll probably be clamoring to give away their baby stuff for free, and if you want to get free stuff from strangers, check out the Buy Nothing Project, a nationwide group that connects community members looking to get rid of things with people who need them. To find the Buy Nothing Project in your area, search on Facebook for your city plus “Buy Nothing Project”—most metropolitan areas have a chapter. – Kjerstin, 25

Use Cloth Diapers

Cloth diapers might seem like a lot of extra work, and I won’t lie—that first load of poopy laundry is gross. You get used to it, though, and while cloth diapers are a more expensive upfront cost, they pay for themselves after just a few days of use. I got my entire cloth-diaper collection as a gift at the baby shower for my oldest. I just had a second baby last April, and we’re using them all over again. I’d guess we saved about $400 on diapers the first time around, and it’s great to know we’ll be doing that again. – Sammika, 28

How to Have a Baby When You're Young and Broke (2024)

FAQs

What to do if I'm pregnant and broke? ›

The Temporary Assistance for Needy Families (TANF) program can also offer assistance to pregnant mothers if you are pregnant with no resources.

How do you prepare for a baby when you are broke? ›

How to Have a Baby When You're Young and Broke
  1. Don't Waste Money on Baby Toys. ...
  2. Throw a Diaper Party. ...
  3. Look for New Parent Freebies from Baby Companies. ...
  4. Use a Midwife. ...
  5. Shop Garage Sales and the Buy Nothing Project. ...
  6. Use Cloth Diapers.
Sep 2, 2016

How much money do I need saved to have a baby? ›

Are you looking to the future and thinking to yourself, How much does it cost to have a baby anyway? Well, the quick answer is an average of $18,865 (or $2,854 with insurance). Yeah, that sweet little bundle of joy can come with a big bundle of bills. But of course it's worth it!

How to plan financially for having a baby? ›

6 Financial Planning Tips for New Parents
  1. Consider insurance—both life and disability. ...
  2. Increase your emergency fund. ...
  3. Take advantage of tax breaks. ...
  4. Start saving for college now. ...
  5. Prioritize retirement savings. ...
  6. Update your estate planning documents.

What to do if pregnant but can't afford it? ›

If you are pregnant but can't afford pregnancy, you have three main options—assistance with parenting, adoption, and abortion.

What to do if pregnant and no money? ›

If you can't get maternity pay, you might be able to claim Maternity Allowance. Check if you can get maternity pay or Maternity Allowance.

How to afford to have a baby? ›

5 Tips on Affording the Cost of Children
  1. Build up your emergency fund. It's always important to have a rainy-day fund. ...
  2. Practice living on a budget. ...
  3. Read the fine print on your health insurance. ...
  4. Research the cost of childcare. ...
  5. Get a head start on college savings.

How can I cut my costs when having a baby? ›

Here are seven ways to cut costs when you're expecting.
  1. Know your benefits. If you have insurance, now's the time to become an expert in your plan benefits. ...
  2. Go in-network. ...
  3. Write it down. ...
  4. Get to know your hospital. ...
  5. Compare your prenatal options. ...
  6. Go second-hand. ...
  7. Take care of your own health.

What to do if you want a baby? ›

  1. Having a healthy pregnancy. Your health before pregnancy will affect the lifelong health of your baby. ...
  2. Get help to stop smoking. Smoking reduces fertility in both men and women. ...
  3. Start taking folic acid now. ...
  4. Eat well. ...
  5. Cut down on caffeine. ...
  6. Try to maintain a healthy weight. ...
  7. Stay active. ...
  8. Stop drinking alcohol.

What is the cheapest way to have a baby? ›

What is the cheapest way to give birth? The cheapest way to give birth is usually at home. With a home birth, you aren't paying the enormous hospital fees, but there are also more risks involved. Delivering at a birthing center can also be cheaper than a hospital birth.

What is a good income to have a baby? ›

How can I afford to have kids? A: The U.S. Department of Agriculture's handy but terrifying Cost of Raising a Child Calculator told me the average two-parent household in the U.S. earning less than $61,530 a year spends $11,850 to raise a child in his or her first year.

How much money do you need to save for a new baby? ›

If you're wondering how much to save before having a baby, some suggest having at least three months' income stashed away as an emergency fund. For this purpose, you might consider an easy access savings account, which gives you the freedom to withdraw money whenever you need it.

How much does the first year of a baby cost? ›

Babies are cute, but they come with a big price tag. According to USAFacts.org, as of 2022 the average middle-income family could expect to spend between $16,007 and $17,141 on child-related expenses each year.

How do you survive financially after having a baby? ›

A 7-point financial checklist for new parents
  1. Determine your first-year baby expenses. ...
  2. Create the right mix of life, health & disability insurance. ...
  3. Revise your household budget. ...
  4. Plan now for college expenses. ...
  5. Consider potential tax benefits. ...
  6. Update, organize & share your legal & financial documents.

What is the best investment for a newborn baby? ›

The best investment accounts for kids
  1. Best for education: 529 savings plan. ...
  2. Best for versatility: Uniform Gifts to Minors Act (UGMA) Accounts. ...
  3. Best for retirement: Custodial Roth IRA. ...
  4. Best for teaching how to save: Custodial savings accounts. ...
  5. Best for teaching how to invest: Custodial brokerage account.

What to do when pregnant and unemployed? ›

The U.S Government offers financial assistance to pregnant mothers and has initiated several programs like the Temporary Assistance for Needy Families (TANF) program for low-income families.

What to do if you get a cut while pregnant? ›

Treat these events just as you would if you were not pregnant. You should consult your doctor if there is a significant fall. Clean minor cuts or scrapes with soap and water or an over-the-counter (OTC) antiseptic wash, and cover the wound with a bandage. Antibiotic or hydrocortisone ointment should be fine to use.

What do you do if your pregnant and can't work? ›

However, when you are no longer physically able to work due to your pregnancy (four weeks before your estimated due date), you can apply for Temporary Disability Insurance benefits. Be sure to let the Division of Unemployment know so they can suspend your Unemployment Insurance benefits to avoid overpayment.

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