New parent spending don’ts

New parent spending don’ts

RICHMOND, Va. (WWBT) - There’s no end to the baby gear companies want you to buy when you’re expecting! Unfortunately, there is an end to your budget.

A common mistake, when you’ve got a baby on the way is buying a bigger house. You figure you need more room, especially if there are other children in your plan. But what you need to remember is that the baby will mean some hefty new expenses—like childcare.

So don’t rush into a new, bigger mortgage. You could easily drop thousands outfitting a nursery and buying all of the other baby gear. But you really don’t need to? If you have friends or family with older children, see if they have anything they could handoff. And look on Facebook MarketPlace or mommy sites and consignment or thrift stores before you buy new.

Social media can also cost you if you let your friends’ posts or pictures sway you into spending on new gadgets.

Spending a fortune on the stuff your baby will outgrow fast doesn’t make much sense.

But saving for emergencies and for college down the road probably does.

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