Baby on the Way? 9 Tips to Save $3,000 or More in 9 Months

Pregnant Asian woman looking at bills
Expectant parents need to be prepared for both sleepless nights and a dwindling bank account.

Recent statistics from the Department of Agriculture show that parents of babies born in 2012 will spend a total of $217,000 to $500,000 to raise them through age 18 -- figures that don't include the cost of college.

Of course, the amount of money you'll spend on your a baby during his or her first year can vary wildly depending on family income, your medical insurance, whether you need to pay for child care, and whether you breastfeed. But it behooves all expecting parents to be as financially prepared as possible before their little bundle of joy arrives. And that means adding to your financial cushion.

For many people, saving an extra $3,000 over a period of nine months is achievable -- though it means finding $333 each month to set aside.

Here are nine tips to get you to that goal -- or much further -- in nine months.

1. Consider selling your car and joining a car-sharing program like Zipcar. Yes, this is a dramatic money-saving strategy. But it also reaps dramatic financial rewards, and may not be as difficult as you think to manage. "Members of car-sharing programs report spending only about $600 per year for their shared wheels, as compared to nearly $9,000 per year to own and operate their car -- that's a potential savings of about $6,000 over nine months," says Jeff Yeager, AARP's savings expert and author of four books about frugal living, including his most recent, "How to Retire the Cheapskate Way." Of course, your savings will vary. And you need to consider whether you can handle the hassle factor, depending on where you live, where you work and how many people are dependent on your vehicle for transportation.

2. Pick up a second jobfor nine months. Extra night or weekend work can provide just the boost you need to kick-start your baby fund. And remember, it's only temporary. "Once your bundle of joy arrives, you'll realize that working two jobs is a breeze compared to the work associated with a new baby," says Clare Levison, author of "Frugal Isn't Cheap." A work-at-home job can be a great way to help pay the bills after the baby's born, too, if one of the spouses wants to reduce hours or stop working outside the home.

%VIRTUAL-article-sponsoredlinks%3. Rent out your spare room. If you're living in a two-bedroom home (or larger) in anticipation of expanding your family, consider subletting your spare room for a few months, or even listing it for nightly vacation rentals on a site such as If you live in a city that attracts visitors, you can earn $75 to $100 per night or more depending on the size and location of your home. Renting your room for three to five nights each month could get you to your financial goal within nine months; rent it more often for a bigger and faster bump to your savings account.

4. Have a sale. Preparing your home for a new resident is a great time to clear out your closets and cabinets, and get rid of some furniture. Make room (and money) for baby by having a yard sale, or selling things on eBay or Craigslist, suggests Levison.

5. Stop drinking bottled water. Seems like a no-brainer. But it's easy to overlook the cost of those bottles of water you buy when you're on the go. "Americans spend an average of $1,400 a year on bottled water," says Leah Ingram, a frugal living expert who blogs at "If you get a refillable bottle, you can save as much as $117 per month." You might want to buy a filter for your tap water to improve the taste and to get rid of any impurities. But there's still major savings to be had.

6. Give up your phone. Give up your cellphone or your landline, and you'll likely save $500 to $1,500 over nine months, suggests Yeager. "If you and your spouse each have a phone, give them both up for a $3,000-plus savings, and a better, less-stressful quality of life," he says. Potential savings aside, it's probably not a great idea to have to rely on borrowing a phone from strangers, or using public telephones, when it comes close to the due date. So instead of going completely phone-less, look into low-cost prepaid phones/plans, or consider ditching the data plan on your smartphone and using it simply as a plain old cell phone.

7. Pack your lunch. Add up how much you spend per month buying lunch out, and you may be shocked. Ingram says that the average weekday lunch out costs $7, which comes to $152 per month if you buy lunch every day. You'll spend a little more on your grocery store bill, but bringing your lunch is definitely cheaper, and possibly healthier, than buying lunch from a local restaurant or deli.

8. Save your baby gift money. Generous friends and relatives may shower you with binkies and blankets, but some may also give you money to set up a savings account for your little one. Make sure you save any cash you receive instead of spending it on diapers or other baby items.

9. Check for unclaimed property. Yeager suggests using the free nonprofit site to see if you're entitled to collect any unclaimed funds or other assets, such as forgotten bank accounts, security deposits, or refunds for yourself or for deceased relatives. "One out of eight people who search the site are in fact eligible to collect missing funds, with the average amount collected about $1,000," says Yeager.

Saving as little as $20 or $30 here and there can add up quickly. Even if you can't manage to make your lunch every day, or you still need your (decaf) latte once in a while, cutting back and banking $80 per week will get you to your goal within nine months.

From Clutter to Cash: Where to sell your stuff and for how much
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Baby on the Way? 9 Tips to Save $3,000 or More in 9 Months

Best for: Higher-end children's clothing (think Gymboree, Janie and Jack, Boden, etc.); new or mint-condition designer women's clothing, shoes and accessories; small electronics; collectibles; pricey or hard-to-find toys like Lego sets and American Girl dolls.

eBay offers many advantages for sellers: It boasts the largest potential market for your items, the fees are pretty reasonable compared to brick-and-mortar consignment shops, and by searching "completed auctions" you can see exactly what items like yours have sold for recently. That's vital information in deciding which items are worth listing and at what price to list them.

For popular items, starting your listing at $0.99 will usually increase interest and garner the most bids -- plus it's the cheapest option. If you absolutely will not sell an item for less than a given amount, you can specify a higher starting price, set a "reserve" price, or use the fixed-price listing option. Just know that those options cost more and may deter some bidders.

Photos are crucial on eBay. Don't use stock photos or "borrow" photos from other listings -- that's a big no-no and can get your listing pulled. Take the time to upload large, clear photos of the item from several angles. As for all the "extras" eBay offers (bolded titles, special backgrounds, highlighting, featured positioning, etc.), save your money unless you really think they're going to make a difference. One sales trick that does work? Free shipping. (Of course, if your item is large or heavy, the cost may be more than you make on the item, so estimate shipping costs in advance -- has an easy calculator.)

Caveats: eBay can be pretty time-consuming, so you have to decide if you'll make enough from the sale to compensate for the hassle. For that reason, I only use eBay for items likely to sell for $20 or more. Also, eBay buyers can be... er, challenging to deal with for a seller. To cut down on questions and complaints, provide accurate, detailed descriptions, including measurements. And be sure to clearly point out any flaws.

Best for: Large items that would be expensive to ship, especially furniture and baby/kid items like strollers and bikes; tools and yard equipment.

I have had great success as both a buyer and a seller on Craigslist, so I am surprised when friends and colleagues complain about not being able to sell anything. When I take a look at their listings, I'm no longer surprised. Poorly lit photos (or worse, none at all); short listings that don't provide any details; misspellings (common errors on my local Craigslist include "dinning table," "rod iron," and "automan") – any of these will pretty much ensure that your item will be passed over when someone's doing a search.

The best listings include several well-lit photos of the actual item you're selling (again, no stock photos), accurate measurements, and a detailed description that clearly explains as much as possible the condition, age, and history of the item. Also include the approximate location (zip code is sufficient) and options for pick-up. If you are able to deliver a large piece, call that out, too -- delivery is a huge plus, especially in urban areas. Finally, price your item appropriately. Most Craigslist buyers are looking for a deal, so as a rule, price used items at no more than 50% of retail. One exception is antique or vintage furniture, which often commands premium prices, especially for popular styles like midcentury modern (thanks, Mad Men).

Caveats: Let's face it -- inviting a total stranger to your home is kind of creepy. Though I've never had a problem in many years of using Craigslist, you don't want to take chances. I try never to be home alone when someone comes by, and for smaller items, I'll often ask buyers to meet in the lobby of my office. Also, reduce the risk of scammers by only accepting cash.

Best for: Good-condition clothing, shoes, and accessories from mass-market retailers (think Gap, Ann Taylor, Banana Republic); high-end and/or antique furniture; toys; expensive jewelry.

Though you'll net a lower percentage of the sale price (most shops take around 50%), there are a couple of reasons to opt for consignment over selling items yourself. One is if your items don't sell on eBay (or don't command high enough prices to make it worth listing). This applies in particular to things like nice-but-not-designer children's and women's clothing, toys, baby gear, and costume jewelry. Consigning isn't limited to retail shops, either. Many cities have annual or semi-annual consignment sales where anyone can bring items to sell. Local parenting groups are an especially good resource for finding kid-related sales.

The other types of items you may want to consign are very expensive things, such as pricey jewelry, antique furniture, and real silver, china or crystal. Dealers who are familiar with these rarer items will have the expertise to appropriately value your piece and likely have an existing clientele more willing to pay up for them than, say, your average Craigslist buyer.

Caveats: Make sure you're clear on the consigner's fee, how and when you'll be paid any profits, and what happens to items that don't sell after a certain period. Some shops donate or auction off pieces that don't sell, but they should give you the option of taking back the items instead.

Best for: Getting rid of a lot of items quickly. This is also the best way to sell housewares, lower-end clothing (especially for little ones), toys, books, and games.

If you've got a lot to sell and you just want it out of your house, a yard sale may be your best bet. Just don't expect to rake in big bucks -- yard sale shoppers are big-time bargain hunters. Instead, focus on volume. To bring in lots of traffic, advertise on Craigslist (call out the types of items you have) as well as with large signs around the neighborhood and at major intersections nearby. Consider inviting neighbors to join in, too! With yard sales, it's definitely the more, the merrier.

To make sales go quickly, price all your items beforehand (to do this quickly, set up tables labeled $1, $5, $10, etc., and group together anything you're willing to sell for those prices), and make sure you have plenty of change. Start early (bargain hunters also tend to be early risers!) and mark everything down to half-price for the last hour. Finally, have a plan for hauling anything left over to the nearest donation spot as soon as the sale is over -- after all, you wanted it out of your house, right?

Caveats: Other than not getting top dollar for your goods, not many. Yard sales are a time-honored tradition because they're easy, fun, and effective at clearing out clutter. If you do a multi-family yard sale, have a plan for separating sales (different-color stickers for each family is one idea). A backup plan for bad weather is a good idea, too.

For movies, video games, music, textbooks, and recent hardcover books, take a look at (owned by eBay) or Amazon's Marketplace. These options allow you to quickly list used media by simply entering the ISBN number, selecting the condition, and setting a price. If your item sells, you ship it and the site deposits cash into a PayPal account or sends you a check. Amazon also offers a trade-in program for many of these items. The process is similar, but Amazon sets the price it will pay and as soon as the item is received (you get a prepaid postage label), you'll get that amount as a store credit.

For electronics, try (limited to Apple products and smartphones) or Best Buy's trade-in program (accepts a wider range of items). Provide specifics about your item and these sites will give you an estimate of value. If you are happy with that amount, you send or bring in the item and get a check or gift card. Best Buy will also recycle items deemed not valuable.

Personal finance guru Jean Chatzky offers more tips on selling electronics here.


Michele Lerner is a Motley Fool contributing writer. Try any of our Foolish newsletter services free for 30 days.
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