New Mom Hacks with Ali and Brenda
Mom Hacks with Ali and Brenda
On this episode of Financially Naked: Stories from The Financial Gym, our host is Emily Egan, PR Manager. She is joined by Financial Gym Trainer, Brenda Henry, mom to five-month-old Rory, and Financial Gym Recruiter, Ali Barnett, mom to one-year-old Aiden, to talk about mom hacks.
Podcast Notes
Hospital bills can total around $60,000, although most people will likely pay between $3,000 and $10,000 depending on their insurance coverage.
Having your baby in the hospital nursery can be around $12,000, and Ali had her baby with her most of the time. Brenda’s bill showed nursery charges of about $9,000 a day (before insurance), even though the baby was with her the whole time.
It's also important to note that, by law, newborns are automatically added to the mother's insurance for the first 30 days regardless of what health plan you ultimately decide to add them to.
For grocery shopping, familiarize yourself with what is on sale each week, meal plan, and bring a list. Make sure you aren’t overbuying.
If you leave something in your online cart and don’t buy, sometimes companies will send you an email with a percentage off to finish your purchase.
Ali’s friend had a baby six months before her, so she used a lot of her hacks. She did not buy anything before the baby was born and added everything to her registry.
Put moderately priced items on your registry. People feel cheap if they buy low cost items. Ali didn’t have gift cards on her registry, but she received a lot of them.
Brenda set up her registry on Amazon and it gave the option for several people to give toward the same gift. There was also a completion discount, which means she got a substantial discount if she bought the remainder of what wasn’t purchased.
Don’t register for blankets or washcloths. Washcloths come in large packs, like two dozen, and usually more than one person will buy them for you.
Ali was going to throw a big backyard party for her son’s first birthday, but, due to COVID, she is changing that to a Zoom party. She bought decorations from Amazon for about $30 and a cake for about $40. They were initially looking at a cost of about $750, so they added the expense to the budget and they have been saving since January.
Rory’s birthday falls close to the Christmas holiday. Brenda plans to have her receive Christmas gifts and have birthday experiences. Brenda will take advantage of not spending much during the younger years, since Rory will not remember them anyway.
Brenda recommends borrowing or buying clothing second hand. A lot of people will give you hand-me-down clothes, so take advantage while you can. She has not bought toys, because she and her friends pass them around.
Use what is available in your house. Kids don’t require much.
Ali hasn’t bought clothing for Aiden, because her friend had a baby right before her. She still has unopened toys she received from her registry. Aiden doesn’t really play with toys, because he would rather play with the TV remote.
Brenda bought the Love Every Playmat, which retails for $140, but she bought it secondhand on Marketplace for $70. She also bought her daughter a plastic kiddie pool. This was important to Brenda.
A non-negotiable for Ali was a stroller that was $540. Now she is wondering why she spent so much, because they barely used it, due to COVID.
Buy diapers from big retail wholesalers. Brenda found the best diapers at Costco. Cloth diapers can be cost effective. Use washcloths for reusable wipes.
Ali has been using diapers she got from her registry for about a year. She added three of each size on her registry, and she is set for the next four months.
Sign up with the different manufacturers to get free formula and coupons. Ali started using the store brand, once she figured out was good for Aiden’s stomach. She saves about $20 a container.
Brenda breastfeeds her daughter. She found out her daughter has a cow milk intolerance, so Brenda eliminated all milk from her diet, otherwise the formula would be about $50 for a small container.
Brenda tried to anticipate the cost of the birth ahead of time. Review the details of your insurance plan to make sure you know what is covered.
Ali was under her mom’s insurance and wishes she put her son on his father’s insurance right away, instead of on her insurance for the first 30 days.
If you are on a qualifying high deductible health plan, set up an HSA and start saving.
Brenda was planning to move in Fall 2020, but she bumped up the timeframe during COVID, because they needed more space to work from home. Get multiple quotes for movers, and save up. There may be a savings if you are flexible with your moving day.