3 Money Mistakes Made With a Firstborn Child That Shouldn’t Be Repeated With a Second One

Many people eagerly anticipate having children. When you have your first child, there are plenty of books you can read on the subject, but you’ll also have to learn as you go. For instance, you know it might be challenging to get a good night of sleep when you have an infant, but only once the child arrives you’ll experience it firsthand.

You might also make a few financial missteps when you have your first child that you can learn from to ensure you don’t repeat them when you have a second one. Here are a few money mistakes parents often make with their first child. By being aware of these three common missteps, you can hopefully avoid them.

1. Buying Items Beforehand

There are a few things you know you’ll need when you have your first child, like diapers or a crib. You might buy other things purely on speculation, though, and that can be a mistake. Buy too many baby-related items you don’t need, and you may find yourself looking into a consolidation loan calculator to try and get yourself out of debt. 

For example, you might get something like a baby bouncer, which can be expensive, and later find out that your child doesn’t like it. Or, you may opt for a high-end stroller. A stroller can cost anywhere from $50 on the low end to $700 or more for deluxe versions. Your baby might not even like the stroller you get them, though. They may prefer a sling, which is generally a lot cheaper. 

Consider borrowing expensive items you think you might need first to see if they will work for you and your family before dropping a lot of money on something you may not use. 

2. Activity Fees

Every parent will probably want what’s best for their child, and that might include anything from swim classes to piano lessons. The problem is that you don’t know what your child will grow up to enjoy. 

Once they are a little bit older, you can ask them whether they would like to try ballet classes, martial arts, soccer, or anything else you can afford that’s readily available. If you sign them up for things before they express an interest in them, it could cost you a lot of money, and your child might not even enjoy themselves. 

3. Clothing

While spending too much on activities or baby paraphernalia is something first-time parents often do, spending too little on clothing also happens frequently. You know that with a young child, you’ll need sleepers, onesies, and some going-out outfits. Many first-time parents underestimate how many clothing changes a child might need per day, though.

Babies spit up or have accidents, and need to have fresh, clean clothing ready. Spending money on their wardrobe is a more sensible thing to do than buying the other nonessentials we mentioned.

Avoid These Common Monetary Mistakes

The money mistakes we mentioned happen a lot more with first-time parents than second-time ones. Try to have plenty of clothing ready for the child, not just because they grow quickly, but because they can have accidents that soil their outfits. Don’t spend too much on lessons before the child is old enough to articulate the activities in which they have an interest.

You can also avoid buying expensive items beforehand that you don’t know the child will like or need. They might not enjoy the most expensive stroller you can buy, and the financial outlay for something like a sling should be more reasonable. Also, keep the receipts for baby items you buy, so you can return them if they’re not working out. 

If you pay attention to these areas, you’ll avoid making some of the more common first-time parent mistakes.