Rising costs
The cost of child care in New York is rising by $1,600 a year, according to Sen. Kirsten Gillibrand:
▶ $16,250/year for an infant
▶ $11,648/year for a toddler
▶ $9,620/year for a school-age child
Published 21:11, September the 27th, 2009
Bun in the oven, cash out of wallet
Even in ritzy neighborhoods new parents dig deeper
The cost of a newborn adds up. But even in ritzy baby-crazed neighborhoods like TriBeca, new parents are curbing expenses.
Nick, 42, a stay-at-home dad who declined to give his last name, didn’t forgo a top-of-the-line Bugaboo stroller — “You use it everyday,” he said — but goes to Costco for his 5-month-old son’s diapers. By staying home he saves $2,500 a monthly on day care. “My wife has to go to work for health insurance,” he said.
Expensive childrearing will soon force Dana Bernstein and her husband, a scientist for a drug company, out of the city.
“Preschool costs $13,000 a year for three hours a day,” said Bernstein, 33, who has a 2-year-old and a 1-month-old daughter. “We know there are issues with school overcrowding and private school is ridiculously expensive.”
But Bernstein hasn’t been able to resist “cute” baby girl clothes for her youngest even though she could wear hand-me-downs.
“Parents are certainly cost conscious,” said Jennifer Cattaui, owner of TriBeCa’s Babesta, where top sellers include the Bugaboo Cameleon ($979), an Oeuf crib ($890) and Fresco Loft high chair ($500).
Parents may be more careful but “people don’t skimp on a Wu-Tang onesie,” she said. It sells for $20.
A little advice on saving
Metro spoke with Linda Murray, editor-in-chief at BabyCenter.com, about how parents can handle newborn expenses.
How much should people save up before they have a baby?
It is important to have money saved before for doctor’s visits and other necessities. You will also be happy you started saving early so it will be easier when the baby comes. According to a recent BabyCenter survey, you will spend almost $10,000 on your baby’s first year.
What are two things new
parents can do to realize big savings and cut costs?
One big way to save money on formula is for moms to breastfeed for as long as they can. If you’re not breastfeeding, buy the powered formula, which costs less than the ready-to-use. Also, buy in bulk at wholesale clubs such as Costco or Sam’s Club. Parents can save on diapers by using cloth diapers and washing them yourself, or buying in bulk.