New parent money mistakes part 7

This post is the seventh in a series of 10 that covers each point of the MSN Money top 10 mistakes and hopefully will elaborate and add a little new parent thinking to the equation.

Money Mistake 7:

Overspending your baby costs

Before you start setting up a nursery, come up with a spending plan. Accept hand-me-downs, and shop at yard sales and consignment and second-hand shops.

If you frequently go to garage/yard sales like my wife and I, you will know the sheer amount of baby clothes and such that are available during the season. It is amazing. I’ve looked at the prices of baby clothes and it sickens me to think that the kid will only wear it for 3 months and it’s a $10 shirt. I have a hard time paying that much for my own shirts and I wear them for 3 years or more. We will be buying clothes and toys in mass quantities at garage/yard sales this spring/summer. No question there.

Part 6: Postponing a will

Part 8: Overlooking tax benefits for parents

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