Don’t Blow the Baby Budget!
Research released by eBay last month revealed that four out of five parents fear the burden of baby expenses, even in households that earn more than $100K. And given the upcoming changes to the baby bonus payment, this parental stress may soon be exacerbated.
The nationwide survey of new parents found the main reasons for money worries are the number of items there are to buy and the fact that the items cost more than expected, coupled with the loss of one income. One in four parents are also stressed because they feel like they need to spend more to get quality products, which they can’t really afford.
However, eBay Spokesperson Sian Kennedy says buying baby items online can ease the strain on the family budget. “You definitely don’t need to pay more for quality when there are so many new and secondhand baby items available on eBay for less than the recommended retail price. Parents can browse through thousands of brands in one place and easily to pick up a bargain. For example, the average selling price of a change table on eBay (in the last three months) is $80.33 - less than half the average spent by those surveyed.”
With the average set-up cost for baby being around $5,125, financial planner and author of ‘How to Afford a Baby’, Justine Davies, suggests that even a 10% saving on set up costs could lead to some serious financial benefits down the track. “Always think about the opportunity cost of your money,” she says. “And not just in material terms: think also about the quality of life that those savings could buy you.”
According to the survey more than half of the parents already saving money buying baby items on eBay, with clothing and toys the most popular purchases. However the most significant savings were realised by parents who bought big-ticket items such as a baby bed, change table, high chair or car seat on eBay. They spent up to 42% less than parents who bought those items elsewhere.
“The really attractive part of shopping online is not just the financial savings,” says Justine Davies. “It’s also the convenience. As a mum of three children under 5, I personally dread the trips to the shopping centre. It’s an almost guaranteed migraine. Jumping onto eBay while the kids play outside is far more relaxing!”
Justine’s top suggestions for making use of your 10% set-up cost savings are:
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This article was contributed by Justine Davies - www.justinedavies.com
Justine’s top suggestions for making use of your 10% set-up cost savings are:
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