Aug 03 2010

Creating a savings account for baby’s needs

As I did with my son Jonathan, I’m setting up a separate savings account to put money toward the things we’ll want to buy for our daughter. December is only 4 months away — how’d that sneak up on me like that?

We’ll need to cover:

  • $280 medical deductible (our FSA account is almost all used up. I didn’t put that much money in it this year. Didn’t think I’d get a 2010 baby!)
  • Infant car seat. I think we’re going with this $65 Graco Snugride.
  • A few more cloth diapers, since I’ll likely have 2 in cloth for awhile. I’ve got my newborn and size small stash already, but I think I want a few more one-size diapers. Let’s say $75.
  • Some additional storage containers/shelves, maybe. Once I get rid of a bunch of stuff in a yard sale at the end of this month I might not need a whole lot, but let’s say $50 anyway.
  • Baby clothes. A lot of our newborn stuff is gender-neutral and I already have a few things in the smaller sizes, but not enough for a complete wardrobe. I’m going to say $50.
  • A swaddler. My husband was really good at doing a blanket swaddle, but I stink at it. $10
  • A big purse. I don’t like diaper bags and I don’t normally carry one. I might throw a diaper and some wipes in my regular purse (which I don’t always carry, either). I usually have a regular diaper bag and just leave it in my trunk and it has a change of clothes, extra diapers, a blanket, whatever. But I don’t think I’ll be able to get away with that minimalist approach with two little ones. $20
  • $100 for other things that I’ll want later, but can’t think of right now

Total: $659

So over the next few months, I’ll put a portion of that into that savings account until I’ve got the funds. And I’ll tap that account to buy some things.

I’ve already bought my Hypnobabies home study kit* (and I love the looks of it!) and a pink Baby K’Tan*, but I just used regular money for that.

I’m getting really excited for her arrival!

*Amazon affiliate link



7 Responses to “Creating a savings account for baby’s needs”

  1. Kacie,

    a hint that I found really helpful was to take a gallon size ziploc and put in a onesie, trial pack of wipes (good to put this in a sandwich bag), a couple of diapers, and a grocery bag. Arrange it flat and squeeze out the air.

    Put it between the cushion and shell of the car seat. If you’re out, you typically have the infant seat with you. If you forget the diaper bag (or forget to restock it) you’ve got the essentials. You can make a note to check for sizes when you schedule well baby checkups.

    This can also work for toddlers if they’re in a high back car seat. My kids couldn’t feel it under their bottoms and it also felt fine to them as a “lumbar cushion” under the seat liner.

  2. When you have a change in family status including the birth of a baby legally you should be able to change your benefits. This means increasing your FSA withholdings as part of the birth of the baby. I would talk to your husbands HR department and find out if it has to be after the baby is born or if you can do it now.

  3. Good thinking, Marie! Our open enrollment is in October and those funds are for 2011 use but I dunno if I can use that money to pay a bill incurred in 2010. I’ll check with hr about being able to increase our contributions now.

  4. You can cross the swaddler off of the list if you want to borrow ours, Bridget does not like to be swaddled! I have 2 that you are more than welcome 2 if you wish! Just let me know! :)

  5. I used Hypnobabies with my second child. Even though I only got it six weeks before he arrived, which really wasn’t enough time with the program, it did definitely help.

  6. You may be able to scratch off the $50 for wardrobe after you see the bags I have set aside for you. If you thought people gave you lots of clothes for Johnny, just wait until you see what comes your way once they find out you’re having a girl. Holy hangers, Batman!

  7. I was about to say…we have at least 3 swaddlers! Lucy HATED them- please let me know, because I was going to take them to Goodwill anyway. I will double-check the sizes and material (I know I have a fleece one that will be nice for winter- way too hot for FL!)
    Emily´s last post ..Lucys First Dentist Visit!

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Hey! I'm Kacie, wife to Shane and mother to Jonathan (7), Vivienne (5) and Amelia (2) . I write about my family's finance: how we save money, improve our spending, and plan for the future.

I hope I can inspire and encourage you to improve your situation. See disclosure.

I'm adopting a much slower-paced posting schedule, and treating this as a hobby blog now.

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