Frugal Trader Junior or Frugal Traderette?

I was just thinking of an appropriate name for our first child.  Oh, I didn't tell you?  We're expecting and I'm going to be a Dad for the first time. :)

It's strange, now that we're pregnant, all I see are kids everywhere.  Whenever I shop now, there seems to be a major market geared towards kids stuff.  Where did all this stuff come from?  Why didn't I notice it before?

As the planning has progressed I started thinking about the financial impacts of having a newborn.  I went back to the archives, and dug out the old article about Newborn Baby Expenses to see what to expect.  Besides the regular diapers/formula etc, the stroller/crib/carseat/high chair costs can really add up.  The baby product companies charge top dollar for stuff, and you know what?  Parents will pay for it!  Only the best for your baby right?

Not only will the newborn expenses add up, my wife will be taking 1 yr maternity leave also.  This will undoubtedly take a big chunk out of our income but an essential expense none the less.  Hopefully 2008 will be as financially successful as 2007 has been.

On top of all that, I'm thinking about ways to teach my child to be financially savvy.  I've heard that learning by example goes a long way, but I'm always thinking of more methods.  I will write more about this in the future.

Any suggestions on strollers, cribs, car seats, high chairs from parents would also be appreciated.  I'm just starting the baby equipment journey now and some advice on what to look out for would be great.

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FT

FT is the founder and editor of Million Dollar Journey (est. 2006). Through various financial strategies outlined on this site, he grew his net worth from $200,000 in 2006 to $1,000,000 by 2014. You can read more about him here.
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Ed Rempel
10 years ago

Congrats, FT!

I have 2 suggestions. The name FT Junior needs work. The best source of baby names I’ve seen is in Freakonomics. It explains where names come from, how they evolve, and what names are likely to be the most popular in 2015. Check out the link: http://www.babynamesgarden.com/freakonomicspredictions.aspx

Also, I agree with Ryan. The biggest mistake parents make is to spoil their kids and waste money by wanting the best of everything for their kids. The frugal will inherit the earth. Make sure your kid learns money skills and to be frugal.

Perhaps Frugal Aiden (FA) or Frugal Emma (FE) ? :)

Ed

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13 years ago

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Babe in the Woods
13 years ago

Oh my goodness.. I’m just catching up on things today. Congratulations to you both! They say men don’t really appreciate babies until you’ve had one of your own. It’s an amazing thing…

suggestions:
It’s true, hand-me-downs are softer and healthier
you will tons of parents only too willing to pass on toys, swings, baby baths etc that have taken over their houses.

A baby swing is a wonderful thing. The first time I put my first born in one was the first moment I had a chance to relax.

Nursing is a wonderful bonding thing for mom, wards off postpartum blues, and saves a bundle.. so it’s really worth trying.

And the best advice I was ever given was “it gets easier.”

They are so worth it.. and just think for the first few years a clean cardboard box is the most exciting toy, and the dollar store is a huge adventure. My little one calls it the “dinosaur store”. It’s a love like no other… take it easy. And don’t forget to be there with lots of foot rubs and lower back rubs. And if she wants a ten dollar tub of ice cream in the third trimester it is no time to frugal!!!

All the best, Blessings for you all.

Smithers
13 years ago

Congrats. Had a baby 5 months back, best thing ever! You wont be worried about money so much when you have a child, its a joy of its own.

That being said theres many ways to economise on what you really need and what you dont…

Nabloid
13 years ago

Congrats.

I can just picture you reading the WSJ to him in his crib. HAHA. I’d think it was funny if you wrote a childs book (with lots of big pictures) to teach how easy it is to invest money. Might be a neat area for the 6 to 10 year old crowd in schoold. It’s not hard if you truly boil it down to the the simplest form – and it could be educational, LOL.

Jonathan
13 years ago

Hey FT! Congrats. That’s awesome you’re going to have a baby! Get ready for no disposable income and even less sleep. Just kidding! Children are wonderful. Soak in every minute of it.

bakeapples
13 years ago

Congrats!

Best advice – let Kijiji be your friend!

When it comes to baby items, there are often items that will only be used for a few months and others only a year or two. Used items are often used for such a short period that they are as good as new.

We are at the point now with two toddlers that we usually just recycle thru Kijiji (sell items we no longer need and then use the proceeds to buy what we need used). It keeps costs minimal and if you end up not liking something you can always swap it on Kijiji without losing anything (or even making a profit to put into another item).

moneygardener
13 years ago

Congrats!

My wife and I are expecting our first this January.

My advice on purchases = one word TARGET®

My Dollar Plan
13 years ago

I second the Baby Bargains book! Congratulations!

Canadian Money Reviewer
13 years ago

congrats FT! Something I’ve learned with my 11 weeks old baby: having a baby makes you mentally much tougher and disciplined (much more organizing and thinking about the little one all the time ; waking up to help during the night and keeping a smile ; seeing the baby cry when getting his first vaccines ; etc. :-) I also have less time to over trade which is a great thing :-)

practical financial tip: save on diaper pails refills by buying this wonderful invention: Baby Trend Diaper Champ: no special bags to buy ; odorless without filters (pretty cool piston like mechanism that always keeps the inside air locked in).