Honestly, I can’t believe it’s already been 4 months. The time is truly flying by, but at the same time, the days at the hospital seem like a distant memory from decades ago.
This month’s report is not very eventful, so I don’t have much to share with you in that respect:
Yup, I’m not kidding. This is not an accounting trick. The only non-college expenses this month were health-related, and they involved the health insurance premium, doctor’s visits and miscellaneous supplies.
How can this be?
As I explained last week, we’ve started to buy things in bulk. That’s why you saw such a big spike in last month’s diaper spending. In turn, that was offset by this month’s $0 figure.
To make the report more informative, and since I now have a bit of backlog data, I’ve begun to include a running monthly average for each category. This should give you all a much better idea of our average spending on the baby.
In total, we’ve spent about $1,300 since the birth of our son. We’ve also implemented or will soon implement some of the following cost-cutting measures:
- Buying in bulk. We get as many items as possible in bulk, especially diapers and wipes. This not only saves on the item price, but on repeated trips to the store.
- Using an HSA insurance plan. I’ll explain more in a few weeks, but an HSA plan offers lower premiums in return for the ability to save money in a tax-free account. That keeps our overall healthcare costs down.
- Breastfeeding. To the surprise of our pediatrician, we have fed our baby 100% breast milk up to this point, without exception. Obviously, that means no money spent on formula.
- Staying away from “cute” stuff. There are so many cute clothes, toys, and other baby things out there. If we gave ourselves the opportunity, we’d buy it all. So we let others do it for us.🙂 It’s really a win-win.
There’s much more, of course, on a daily basis, but those are the main ways we’ve kept costs at a very manageable level.
See you in 30 days with another report!
Photo by M.ADA