Budgeting for the Baby: 5 Tips for Saving on Newborn Expenses

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Budgeting for the Baby: 5 Tips for Saving on Newborn Expenses Posted: 25 Nov 2010 04:00 AM PST If you are a first-time parent, your excitement of bringing home your first child can give way to a spending spree like none other. Babies have a curious effect on moms and dads everywhere, and people who are usually budget-conscious will shell out tons to make sure that they’re doing right by their new child. This is understandable. After all, parenting is the most difficult and important task any of us will ever take on, and we want to make sure we’re doing everything right. Photo: caharley72 The fact of the matter is, however, that spending a lot of money doesn’t equate to good parenting. Save your money on newborn stuff for your child’s college fund. Here are some tips on avoiding the expense traps to which so many new parents succumb. 1. For every item marketed to newborns you consider purchasing, see if there’s a cheaper equivalent. There are millions of baby products out there, and they all seem so utterly necessary. However, most of the time, many of these products are simply a rehashed, repackaged version of items you may already own or could potentially purchase at much cheaper prices. For example, tables designed for changing diapers are pretty much the same as any regular table. Diaper bags can be fashioned from tote bags you probably already have. 2. Seek secondhand items from friends and family. Many families keep baby items, whether because their harboring some sense of nostalgia or because they simply haven’t gotten around to having a garage sale yet. Since babies grow so fast, many used clothing items are hardly worn out, so they’re basically as good as new. Ask your friends and family, they’ll be all too happy to get rid of some of their unused baby products. 3. Buy diapers in bulk. Diapers will perhaps be the most frequent purchase you’ll make for your newborn baby. They can start to add up to a lot, so be sure to buy diapers in large, bulk quantities, which are often heavily discounted. 4. Make your own baby food. Baby food is expensive. Those little jars of Gerber add up to a pretty penny, when they really don’t contain any food items that you can’t whip up yourself. What with all the preservatives and other additives in pre-packaged baby food, making your own will be healthier for your baby, too. Just purchase a small food processor and blend together some veggies or fruits, and voila! Instant baby food. 5. Babies are easily amused, so don’t shell out for fancy toys. When I had my first child, my baby would quickly become bored with all the toys that my husband and I spent literally hundreds on. She’d chuck these cutting-edge toys for simple things like wood blocks. When it comes to toys, keep it simple. These are just a few ways you can save when your new bundle of joy arrives. It goes without saying that parenting is one of the most difficult things you’ll ever do. Focusing on caring and nurturing, however, doesn’t have to be expensive. Don’t let commercials fool you into thinking otherwise. This guest post is contributed by Olivia Coleman, who writes on the topics of online colleges and universities. She welcomes your comments at her email Id: olivia.coleman33 @gmail.com.

Book Review: How to Profit in Gold Posted: 24 Nov 2010 09:30 AM PST How to Profit in Gold With the latest book from Jonathan Spall comes great insight into the inner workings of the gold market, who the main players are, and why gold has been notorious – especially lately – as being a "confusing subject"; it seems that in the investing world you either grow to love gold or you love to hate it -  I can assure you however that no matter what your personal opinion about gold: if you're an investor, personal finance addict, or you just plain and simply want to learn more about the most sought-after metal throughout human history, then this is the book for you! The book starts off with an introduction to the history of the price of gold over the past 30 years.  The cited aim is to give the reader more perspective as to the price fluctuations as well as to take alternative looks at why gold skyrockets at times, and at others seems to lag well behind inflation.  We are constantly reminded of the fact that gold is a "safe haven" investment during tough economic times and the author does nothing less than support this with a diverse set of proofs to show you why he feels this is true.  With over 25 years in the precious metals market, I'm sure that there's almost no better guide to the subject. Jonathan introduces you to all of the players in the gold game and how they influence the market as far as buying and selling is concerned.  He points out that the biggest players are nations' central banks as they are some of the largest holders of gold in the world.  As far as the Country that produces the most gold annually – that'd be China, who overtook South Africa as the largest producer of the precious metal in 2007. There are many different ways to invest in gold, and many of them can actually be quite confusing to the novice investor.  I know that I found myself with a scrunched look of extreme concentration more than once throughout the book.  There is the physical investment in gold, gold options and futures, as well as the ever-popular gold ETF… all of which are explained in detail throughout the book. The author doesn't leave the reader without a plethora of interesting information about the metal in general either!  Instead of simply speaking about gold as an investment, the author diverges into explaining certain aspects of the jewelry markets of the world, interesting facts about gold in general (one ounce of gold can be stretched into a wire of 50 miles!) and all the while seems to be able to tie everything back into his main topic: how to profit in gold. If you're absolutely new to investing and are just beginning to explore different topics in general, don't be discouraged if you have a hard time following this book.  At just 200 pages, there's a lot of information compacted into such a short space -  I found myself having to put the book down at times and do some additional learning about other subjects in the world of finance before coming back and continuing on. Do not let this discourage you!  "How to Profit in Gold" is a great read for both the avid investor and the curious personal finance guru alike!  If you've always been wondering "why?" when it comes to questions about gold and what really drives the market for this controversial metal, then this is the book for you! Win a Copy of How to Profit in Gold! Share your thoughts about gold (good or bad) and we’ll enter you to win one of 3 copies. You can leave a comment here and/or leave a comment here and/or Facebook Page, for each comment you get one entry (valid email address needed). We’ll announce a winner on November 29th. Good luck!

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