Assuming you’re not planning on calling social services and giving your bundle of joy up for adoption, you’re going to have to budget for a baby.
How much will it cost to raise a child until he or she is an adult and moves out of the house? A lot, if you want to do it right.
If you’re not sure where to start, here are a few things you’ll need to factor into your budget: shelter, food, clothing, childcare, healthcare, and education. And that’s just the basics!
Having a baby is a wonderful and life-changing event but so expensive. If you’re not prepared for the cost of raising a child, you could find yourself in some hot water financially.
Budgeting for a baby depends on a lot of factors, such as whether you plan to breastfeed or formula feed, cloth diaper or use disposables, and so on.
But there are some general costs that all new parents can expect to incur. For example, you’ll need to buy a crib, car seat, stroller, and other essential Baby Gear. You’ll also need to factor in the cost of diapers, wipes, clothes, and other baby-related items.
How to Budget for a Baby
So you’re going to be a parent and as exciting as that is, it also comes with a lot of new responsibilities. One of the most important is figuring out how to budget for a baby.
There are a lot of things to think about when budgeting for a baby. The first step is to figure out what your expenses will be.
This includes everything from diapers and wipes to formula and baby clothes. It’s important to be realistic about what you’ll need and not go overboard on spending.
One way to save money on baby items is to buy secondhand. There are many online groups and local stores where you can find gently used items at a fraction of the cost of buying new. Another option is to borrow from friends or family members.
It’s also important to create a budget for your child’s future. Start saving for things like college tuition and daycare. There are many options available to help parents save for their children’s future, such as 529 plans and Coverdell ESA accounts.
Budgeting for a baby can seem daunting, but it’s important to remember that you’re not alone. There are plenty of resources available to help you get started.
By planning ahead and being mindful of your expenses, you can ensure that your new arrival doesn’t cause too much of a financial strain.
Budgeting for a Baby for Pre-Natal and Hospital Bills
There are a lot of things to budget for when you have a baby. You have to consider the pre-natal expenses, the hospital bills, and then the post-birth expenses.
Many people are not aware of all of the costs associated with having a child, so they end up spending more than they need to. It is important to be as prepared as possible before the baby arrives.
The first thing you need to do is calculate how much your pre-natal expenses will be. This includes doctor visits, tests, prescriptions, and any other miscellaneous costs.
Make sure you have health insurance that will cover these costs. If you don’t have health insurance, or if your health insurance doesn’t cover pre-natal care, you will have to pay out of pocket.
The average cost of pre-natal care is around $2,000. Your co-pay might be $25-$35. Check your co-pay with your insurance and what they cover and what not.
The second thing you need to budget for is the hospital bills. Most hospitals charge a flat fee for delivering the baby. This fee can range from $3,000 to $10,000.
In addition, there are often other costs associated with delivering the baby, such as lab work, medication, and room and board. Make sure you have money saved up to cover these expenses.
The third thing you need to budget for is post-birth expenses. This includes items like diapers, wipes, formula, and baby clothes.
It’s important to buy these items in advance so you don’t have to spend a lot of money right after the baby is born. You will also need to budget for doctor visits and vaccinations. The average cost of post-birth expenses is around $1,000.
Additionally, make sure you understand your deductible and out-of-pocket maximum.
Read Also: How Much to Budget for Food
Budgeting for a Baby: Pre-Baby Items
– A car seat is one of the most important items that you will need for your baby. It is required by law in most states.
– You can find a good car seat for around $50-$150. Be sure to buy a car seat that is approved by the National Highway Traffic Safety Administration (NHTSA).
– You will also need to install the car seat correctly. There are many tutorials available online that can show you how to do this properly.
– A stroller is another essential item for your baby. It allows you to easily transport your child from place to place.
– You can find a good stroller for around $100-$300.
– When choosing a stroller, be sure to consider the weight limit and the size of the stroller. It is also important to choose a model that is easy to fold up and store. Or if you want the stroller and a car seat combo.
Crib or Bassinet
– A crib or bassinet is a necessary item for your baby. Cribs can be expensive, but there are many affordable options available.
– You can find a good crib for around $100-$300.
– Bassinets are less expensive than cribs and are a good option for newborns.
– Be sure to choose a crib or bassinet that meets all safety standards.
– It is important to stock up on clothes for your baby before they are born. You will need everything from socks to winter coats.
– You can find baby clothes at most department stores or online. Be sure to buy clothes in different sizes, as your child will grow quickly. You want to take some clothes with you to the hospital too.
Budgeting for a Baby: Post-Baby Items
– You will need to purchase diapers for your baby. The average child will go through around 3,000 diapers in their first year of life. The average diaper that you use a day when your baby is an infant is around 10 per day.
– You can purchase diapers for around $0.20-$0.35 per diaper.
– Be sure to stock up on diapers when they are on sale. You can usually find good deals at drugstores and stores like Walmart and Target.
– If you are not breastfeeding, you will need to purchase formula for your baby.
– Powdered Formula can cost anywhere from $25 to $35 per can/bottle.
– It is important to stock up on formula when it is on sale. You can usually find good deals at drugstores and stores like Walmart and Target.
– Wipes are a necessary item for every baby. You will need to use them for everything from cleaning the baby’s face to wiping down the changing table.
– Wipes typically cost around $0.20 per wipe or $5 per small package.
– It is important to stock up on wipes when they are on sale. You can usually find good deals at drugstores and stores like Walmart and Target.
– Pacifiers are a great way to soothe your baby and can help them to fall asleep.
– You can purchase pacifiers for around $2-$5 per pacifier.
– It is important to have a few different types of pacifiers on hand, as your baby may not like the same type all the time.
– If you are not breastfeeding, you will need to purchase bottles for your baby.
– You can purchase bottles for around $5 per bottle.
– Be sure to buy a few different types of bottles, as some babies prefer one type over another.
– Burp clothes are a necessary item for every baby. They protect your clothes from spit-up and other messes. Burp clothes are around $10.
– You can find burp clothes at most department stores or online.
– It is a good idea to stock up on burp clothes when they are on sale.
– You will need a lot of blankets for your baby. They can use them for sleeping, playing and cuddling.
– You can find blankets for around $10-$15 per blanket.
– A diaper bag is a necessary item for every new parent. It allows you to easily transport everything that you need for your baby.
– You can purchase a diaper bag for around $50-$100.
– It is a good idea to purchase a diaper bag that has multiple compartments and that is easy to clean.
– A baby monitor allows you to keep an eye on your baby when they are sleeping in their crib.
– You can purchase a baby monitor for around $60-$200.
– Be sure to choose a model that has good reviews and that is easy to use.
– Crib sheets are a necessary item for your baby’s crib. You will need at least three sheets.
– You can find crib sheets for around $10-$15 per sheet.
– It is important to choose sheets made from safe materials, like cotton.
– A baby’s mattress should be replaced every few years, as it can become worn and less safe over time.
– A good quality crib mattress costs around $100-$200.
– Be sure to choose a mattress that is firm and that has a water resistant cover.
– A diaper pail is a necessary item for every parent of a baby who wears diapers. It helps to keep your home from smelling like diapers.
– You can purchase a diaper pail for around $30-$50.
– Choose a model that is easy to open and close and that has a good seal.
Diaper Rash Cream
– Diaper rash cream is a necessary item for every parent of a baby who wears diapers. It helps to protect your baby’s skin from diaper rash.
– You can purchase diaper rash cream for around $5 per tube.
– Be sure to have at least one tube on hand at all times.
Read Also: How to Set Savings Goals
– You will need to purchase gentle body wash and shampoo for cleaning your baby.
– a body wash and a shampoo typically costs around $5-$10 per bottle.
– Newborn babies do not need a lot of clothing. You will need a few onesies, a couple of pairs of pants, a few socks and a hat.
– You can find newborn clothing for around $10-$15 per outfit.
– It is important to choose clothing made from safe materials, like breathable cotton that is soft on baby’s delicate skin.
– Babies do not need shoes until they are walking.
– You can find toddler shoes for around $30-$50 per pair.
– If you are breastfeeding, you will need to purchase nursing bras.
– Nursing bras typically cost around $30-$50 each.
– If you are not breastfeeding, you will need to purchase supplies for bottle feeding, like bottles, nipples and formula.
– Bottle feeding supplies typically cost around $50-$100 per month.
– It is a good idea to purchase a few different types of bottles, as some babies prefer one type over another.
– A high chair is a necessary item for every baby who will be eating solid foods.
– You can purchase a high chair for around $50-$100.
– Choose a model that is easy to clean and that has a harness to keep your baby safe.
Vibrating Bouncy Seat
– A vibrating bouncy seat is a great item to have for your baby. It helps them to feel calm and secure.
– You can purchase a vibrating bouncy seat for around $50-$100.
– Choose a model that is easy to fold up and store when not in use.
Toddler Car Seat
– A toddler car seat is a necessary item for every child who has outgrown their infant car seat.
– You can purchase a toddler car seat for around $100-$350.
– Choose a model that is easy to use and that has a good safety rating.
– A potty chair is a great item to have for your toddler as they start to learn how to use the toilet.
– You can purchase a potty chair for around $20-$30.
– Choose a model that is lightweight and easy to transport.
– Bath toys are a great way to keep your baby entertained while they are taking a bath.
– You can purchase bath toys for around $10-$20.
– Choose a model that is easy to clean and that floats so it can’t be lost in the bathtub.
First Aid Supplies
– It is important to have first aid supplies on hand in case of an emergency.
– You can purchase a first aid kit for around $30.
– Be sure to include items like bandages, gauze, and antiseptic wipes.
– If you are breastfeeding, you may want to purchase a breast pump.
– A breast pump typically costs around $150-$200.
– Choose a model that is easy to use and that has good ratings. Medela breast pumps are quite effective.
-Also, check with your insurance provider because many providers pay for the breast pumps.
– A walker is a great item to have for your toddler as they start to learn how to walk.
– You can purchase a walker for around $50-$100.
– Choose a model that is sturdy and has wheels that lock so it cannot be pushed around by your child.
– A toddler bed is a necessary item for every child who has outgrown their crib.
– You can purchase a toddler bed for around $100-$150.
– Choose a bed that is easy to assemble and that has a mattress that is both firm and comfortable.
– Baby food can be expensive, especially if you are feeding your child organic foods.
– You can purchase baby food for around $1-$2 per food. Infant food is around $90-$130 per month.
-You can save money by making your own baby food and freezing it.
– There are many recipes for homemade baby food available online.
– As your child starts to eat solid foods, the cost of food will increase.
– You can purchase toddler food for around $3-$5 per food. Toddler food costs around $180-$240 per month.
– There are many other expenses that you may incur after your baby is born.
– These expenses can include items like:
– Sippy cups
-Baby Bath Tub
-Mommy and Me classes (swimming, music, yoga etc)
Budgeting for a Baby: Post-Baby Well Visits
– After your baby is born, it is important to schedule regular post-baby well visits with your doctor.
– These visits typically cost around $25-$35 co-pay each. Also, check with your insurance for your deductible.
– They are a great way to check on your baby’s health and to get advice from your doctor on how to care for your child. The younger the kid, the more often you need the well visits.
-Extra doctor visits and other health-related expenses can add up, so be sure to budget for them when planning to have a baby.
Baby Budget: Post-Baby Childcare and Babysitters
– If you are returning to work after your baby is born, you will need to budget for childcare expenses.
– Childcare can cost anywhere from $$1,000-$2,000 per month, depending on the type of care you choose and the location.
– It is a good idea to start budgeting for childcare expenses while you are still pregnant.
– If you do not have family or friends who can watch your child, you will need to hire a babysitter.
– Babysitting rates typically start at $10-$15 per hour, depending on where you live. Usually, newborn babysitters charge more. In California, can be anywhere from $15-$25 per hour.
– Be sure to budget for occasional overnight stays or weekend care too.
Childcare costs are the most expensive costs for parents. Many daycares are around $2,000 per month for newborns, as your child gets older, the daycare costs get less but still will be considerably expensive.
Many daycares charge extra for early drop-off or after-hours care, so prepare to pay extra if you want your child to be in daycare from 7-8 am to 5-6 pm. And if you happen to have twins then prepare to pay double for the daycare.
Also, it’s crucial to have date nights for better relationships and that can be an extra expense of around $10-$15 per hour unless your kids have grandparents who offer to watch the kids sometimes for free.
There are actually a lot of items the baby needs for the first year, so it is important to budget for that. You can find a lot of these items at garage sales or second-hand stores to save money.
For example, a baby bathtub can cost you $15-$30, but you can also purchase one at a garage sale for around $5. And there are many more items like this.
Many parents forget to budget for items such as clothes and blankets. Your child will grow out of their clothes quickly, so it’s important to buy clothes throughout the year rather than all at once.
The same goes for blankets, as your child will likely soil them and need new ones often.
Be sure to include some funds in your budget for unexpected costs such as doctor visits or prescriptions. It’s always a good idea to have a cushion for these types of expenses, especially when you have a new baby in the house.
There are many costs associated with having a baby, but it is important to remember that there are ways to save money as well. Be sure to do your research and plan ahead so you can adequately budget for your child’s arrival.
Having a baby is a wonderful experience, but it can also be expensive. It is important to budget for all of the costs associated with having a child, from bottles and formula to doctor visits and childcare.