Money-saving tips for new and expecting parents

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Monday, July 27, 2015
VIDEO: Money-saving tips for new and expecting parents
There are some small things you can do to put money back in your pocket after having a baby.

The average middle income family spends more than $300,000 dollars to raise a child until they are 18.

That includes up to $13,000 the first year alone. But there are some small things you can do to put money back in your pocket.

With two-year-old twins Cameron and Carter, the Collados say they spent $3,300 in the first year per child on basics like diapers, formula and wipes.

So what were they spending most of their money on?

"The most expensive thing was really the formula. It was about $1,800 a year per kid. Diapers were about $1,200 a year per kid." said dad Vincent Collado.

And now, Vincent and his wife Alexis have a third child on the way.

"I think that certainly we will be more conscious with spending," said Alexis.

Enter Baby Bargain Expert Alan Fields. First up - when it comes to formula, Fields says don't dismiss generic.

"Formula is actually regulated by the government so whether you buy a name brand or store brand it's the exact same nutrition," said Fields.

ABC News compared the basic nutritional information a store brand formula with the Collado's favorite name brand.

Both brands contained 20.7 grams of protein and 300 iu each of Vitamin A.

"So it's the exact same stuff," said Fields.

By using the generic brand, the Collados will save $900! But make sure you walk with your pediatrician before making any changes.

Next up, for baby bargains on diapers and other essentials, Fields says try a subscription service like Target Subscriptions or Amazon Mom.

It cost $99 a year, but delivers straight to your door every month and saves you 20% on every single purchase.

"Amazon mom we estimate would save you $865 a year," said Fields.a

Also, wipes are typically way too big for newborns, so experts recommend cutting them in half for the first few months.

Finally, one of the biggest expenses of having a baby is actually having the baby.

The Collados received a surprise bill after the delivery of the twins - an extra $2,000 for their anesthesiologist, who they'd assumed was in their network.

Vincent and Alexis say they were very surprised when they received that bill.

Experts say ahead of time, expecting parents should double check that all their providers - not just your doctor - are covered by their insurance.

This time when they welcome their third child, the Collados will save that $2,000.

In total, these simple steps put almost $4,000 - $3,944 to be exact - back in their baby bank.