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Raising Baby Without Going Broke

Cost-saving Techniques for the First Year

The solution? Consider buying a sling instead. Most cost about $60, and a well-designed sling can be used through toddlerhood – as long as you would naturally carry Baby in your arms. Baby loves to be close to you. A sling keeps him near the warmth of your body and the reassuring sound of your heartbeat. With Baby in a sling, your hands are free to hold your purchases, so head into the mall for some serious shopping.

How you feed your baby can also have a major impact on your finances. Breastfeeding is theoretically free, but there are sometimes a few "start-up costs" involved. You might need a lactation consultant if you're having problems, and that, together with a good pump (if you plan to express milk), can cost as much as $200 to $300.

Formula feeding means you'll need a full supply of bottles and nipples at $6 to $8 and $2 to $4 a pop, respectively. You'll need a bottle scrubber and possibly a sterilizer. And, of course, the formula itself doesn't come cheap. Soy formulas are typically more expensive than dairy versions, and ready-to-pour canned liquid costs much more than powders you have to prepare yourself. The bill for formula can run as high as $1,500 in a single year.

If you're planning to go back to work, you'll need to find someone to look after Baby. Private, in-home care is obviously more expensive than daycare. But before you hire a nanny or scope out all the options available in your town, figure out if going back to work is really worth it in Baby's first year. If taking a year off won't ruin your chances of career advancement, consider staying home. It's likely that most of your salary would pay for childcare, and you'd miss out on seeing many of Baby's milestones. And those are priceless!

Want to see more?

• Top 10 Baby Bargains
• Tips for Making Your Own Baby Food
• Baby's Layette: 9 Tips for Buying the Basics
• Anticipating Baby: The Unexpected Costs of Having a Baby
• Talk about it!

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