You probably already know that pregnancy and childbirth are expensive — costing around $19,000, with an average of $3,000 being out-of-pocket.[1] But actually raising a child can cost even more. 

You can expect to spend $13,000 on a child per year, according to the most recent U.S. Department of Agriculture (USDA) report, while the total estimated cost of taking care of one child from birth age 17 is $310,605.[2]

Saving money when you have a baby can be challenging, but it’s still important to do when you have a growing family. Read on for five tips on how to save money when you have a baby. 

1. Plan your meals

Meal planning is one way to cut back on costs when you have a young family. If you're breastfeeding, you need an extra 300 to 500 calories per day, meaning you may go through your groceries faster. Then when your baby is between the ages of 4 and 6 months, they start on solid food. Preparing homemade meals (including baby food, which you can prepare in bulk and freeze in batches) is a great way to save. 

“Preparing meals and snacks in advance makes it easier to take advantage of discounts, reduce food waste and minimize the need for last-minute more expensive options," says Kristen Ragusin, a financial expert and senior vice president of investments with Raymond James in Massachusetts.

Research has shown that cooking at home versus eating out is generally cheaper.[3] A little planning can go a long way.

“Knowing where (and how) to shop has saved our family truly hundreds of dollars every month,” says Logan Lewis, a Florida-based mother of three children, ages 9, 6 and 4. “I plan our meals one week at a time and try to make enough so that my husband and I can take the leftovers for lunch the next day.”

2. Make a budget

You’ve heard this one before. But creating — and sticking to — a budget is another way to prepare for a baby financially. 

“Develop a comprehensive budget that includes all income sources and regular expenses,” Ragusin says. “This will give young parents a clear picture of where money goes every month and help to identify areas for potential savings.”

This is especially important to do as your family grows, since expenses can change with your child’s age and stage. Having a well-maintained family budget makes it easier to reduce spending and find ways to cut back. 

“Create a budget that incorporates new costs, like child care and family health care plans, and helps you to prioritize all of the goals that parents have to work on, like college," says Janice Berner, a Massachusetts-based financial planner and advisor.

3. Buy secondhand

An easy way to cut back on baby gear expenditures while still providing your baby with everything they need is to buy secondhand. 

“Children grow quickly and their needs change frequently,” Ragusin says. “Consider buying gently used clothes, toys and other items — like sports equipment — from secondhand stores or online platforms. This can significantly cut down on expenses without compromising quality.”

Ask friends or family with kids if they have anything stored from the baby days to pass on to you. Check local “Buy Nothing” groups on Facebook for lightly used toys and clothes. 

While it’s safe to buy most baby items secondhand, the American Academy of Pediatrics does advise against using pre-owned car seats because they could be expired or missing parts.

4. Pay off high-interest debt

This may seem like the opposite of saving money, but paying off high-interest debt like credit cards now will save you money in the long run.

“Young parents need to develop good habits and strengthen them right out of the gate,” explains Ragusin. “Credit card rates are often as high as 17% APR, which means balances unpaid will double in just over four years if carried month-to-month and left unpaid.”

She suggests searching for zero or low-interest cards and doing a balance transfer to get a jump-start on paying them off. 

5. Skip elaborate celebrations 

It can be easy to go overboard on baby showers, birthday parties and other celebrations for your baby or older siblings, especially in today’s Instagram-obsessed culture. Keeping things simple when it comes to celebrations can save you big without sacrificing precious family memories. 

“Focus on frugal fun and keep birthday parties simple,” Berner says. Afterward, print out pictures you took and create a photo album for your child to look at as they get older. “Your kids won’t remember a designer cake but they will remember all of the laughing and fun memories.” 

The bottom line on saving money

When you have a baby, you’re likely focused on sleep schedules and feeding issues, not saving money. But this is exactly the time when you should prioritize your growing family’s financial health. 

“The obstacles to saving can seem endless, and the temptation to ‘keep up with the Joneses’ can be really hard,” Lewis says. “But just remember: Kids will remember the time you spent with them, not the expensive toys, games or activities you bought them.”