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It all starts with the purchase of a baby's crib. And then the high chair, and rocker, and changing table, and baby toys, and baby furniture, and baby clothes, etc. This is the financial start of parenthood and is likely the first of thousands of financial decisions that you and your spouse will make while raising your children. It is also the point when soon to be parents are starry eyed at the prospect of being parents and thinking about providing everything they can in blissful excitement to their future child.
Here is my recommendation to all future parents out there. Buy the cheapest (but safe) crib for your child. By cheap for example I mean look for a inexpensive used crib on craigslist or if new is critical, buy something like the Ikea Sniglar Crib that should be <$100 including the crib mattress. There are plenty of options to keep the cost under $100 USD.
I will admit my wife and I failed to follow this tip when we first started our family. We bought a quality used crib for $200 that included the mattress and several accessories. It was a difficult decision for us to come to, but we both were swayed by a moderate degree to give our child what we could including a stylish room.
However my wife and I got a second chance with our current work assignment in China. We've temporarily moved to China only what fit in our airplane luggage and have had to purchase any baby gear we couldn't bring with us on the plane. However this time we had a few years of parenthood under our belt and knew that this furniture/gear was only temporary. We ended up with the the cheapest (but safe) baby crib we could find from Ikea. Its worked well for us and I'm glad we haven't spent a penny more.
The Need to Save Money on your Baby's Crib
Naturally this is a discussion for you and your spouse to agree to a reasonable comprise on. However this is the first of many of these types of financial discussions. This purchase will set the direction for many of the expenses for your child's formative years. Are you going to ensure the financial soundness of your family or comprise so that your family can follow the American dream sold to you via media? If you aren't already a millionaire+ then you need to take a hard look at your financial condition. Raising kids is expensive.
After all think about the usable lifespan of these baby items for your family. A crib is only good for about 2 years per baby. If you divide the cost of the crib per year if its expected use for your family (even if your planning for more than 1-2 babies), it will be likely one of the most expensive pieces of furniture in your home.
Whats the Crib Comprise Worth?
Lets say you made the decision to spend $100 on a crib vs the $400 or more many people spend on a new baby crib. Lets take that $300 cost avoidance and invest it in a 529 college savings plan and assume you earn an 8% avg return over the next 18 years. You'll end up with over $1,200 you otherwise wouldn't have to invest in your kid's college education.
This first purchase has even higher financial implications when you think about the thousands of expenses that follow it. The approach to deciding how much you spend on a baby crib will likely trickle down to many of the future purchases you make including the baby toys, the baby furniture, the baby high chair, the baby clothes, etc. After all you will have to have the matching changing tablet that goes with the new crib. From the initial expenses it goes to diapers, birthday gifts, holiday and vacation expenditures, school supplies, transportation expenses, and so on. If I had a chance to do it over again I'm convinced we would spend less, my kid's future is worth it.
by 2million on
09/20/13
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Comments (8)
Or ask around and see if your friends/family have one in storage somewhere... We got ours for free along with a nice rocking chair from a friend who was happy to clear out his attic.
Posted by Insourcelife | September 20, 2013 9:17 AM
Disagree with this post. We went basically the same route as you did with child #1: A pre-owned Pottery Barn crib off Craigslist. Paid $300 and expect I won't have trouble getting $200 out of it five years and two kids later.
IKEA is throw away furniture. Rarely, if ever, is is the "cheapest" option. Unless you're in college or stuck in China, Craigslist is the hands-down winner!
Posted by Matt | September 21, 2013 8:40 PM
Matt,
Excellent point -- it will only cost you net $100 if you are able to resell for $200 so I think that is great value. This is mainly geared to someone who might otherwise end up with a "new" Pottery Barn crib.
However curious if your crib was affected by the drop-down side recall? Our was and I think it will be much more difficult to resell as the fix provided is just a stainless steel bracket.
Posted by 2million | September 21, 2013 11:58 PM
Yes it was. I sent away for the brackets a year or two back just for resale; My wife is under 5' tall so the drop side is a feature she wasn't willing to lose.
For some reason I have no qualms about a second hand crib or clothes, but for some reason I draw the line at mattresses and car seats!
Posted by Matt | September 22, 2013 10:50 PM
We have some friends who didn't throw away their kid's crib, so we'll take it from them. It's in perfect condition (was custom made for their little one, so it's of great quality), very well cared for. The price tag is perfect: free :)
Posted by dojo | September 23, 2013 12:43 PM
I agree with the general thrust of this article. I remember well when our first child was due. One of the very first things we looked at was a crib bumper, and the first one we saw we so cute -- and cost $90. Part of me really wanted that, but in the end, we said we weren't going down that road. In all honestly, most of this baby stuff is for the parents. The infant will not care about designer cribs and curtains.
Posted by S. B. | September 29, 2013 11:19 PM
I don’t think you should necessarily go with the cheapest available option as the cheapo cribs are often made a bit shoddy. We knew we were planning on having more than one child so we spent a bit more (though not ridiculously more) knowing we would need it to last. You have to find the right balance between price and quality.
Posted by Mike Collins | October 7, 2013 11:06 AM
Looking into cribs right now. My problem is my wife has read too many articles detailing out the danger of SIDS. Now I have to find a crib that has no chemicals in the wood and no chemicals in the mattress! I don't think I will find that crib on Craig's list. In fact, at this point I don't know where to find it.
Posted by Jason | December 23, 2013 2:19 PM