With my first child, we lived in a very small space and had very little income. A bassinet seemed like a good idea to keep the baby as close to my side as possible through the day and night until I could afford a crib, but there was no money for one.
I bought a large rectangular (not a hip-hugger) plastic laundry basket for $5.00 and an extra firm (needs to be very, very firm for safety to prevent SIDS) pillow with a zipper-style pillowcase (no loose covers, blankets, etc. for safety as well), also $5.00. And I made my own bassinet.
She easily slept and rode-around in that basket for her first 5 months until she was actively turning over. It was easy to hang out the laundry and take her with me, to keep her in the living room until she fell asleep and then transport her to the bedroom without waking, and even keep her in the bathroom floor while I bathed/showered - all in that $10 basket.
When she outgrew it, I began to use the pillow on my own bed and the laundry basket for laundry/toting groceries/storing supplies. There are lots of photos online to make it a super-cute project, but please remember safety and functionality over beauty!
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Great idea. My daughter had a play pen for a bed for the first year as we had no money either. The sides were down the first 8 months and then up at night once she got into the crawling stage.
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