Having a child is an exciting milestone for any family, especially if you have been trying to conceive for a long time. Now comes the exciting part: getting ready for your new arrival!
However, although a new child will bring undeniable enjoyment and joy into your life, there are a lot of financial factors you need to consider before your baby arrives. Babies are cute, but they are also hugely expensive. Here are some financial tips you need to consider before your bundle of joy arrives.
The cost of having a baby
It is no secret that babies are expensive. However, have you considered every cost? You will not only need to think about diapers and food but as they get older you will have to think about how much your budget will increase as they get older. In the United States, it has been estimated that it could cost around $233,000+ to raise one child from birth to the age of 17. This does not even cover the cost of a college education.
Children can be incredibly expensive. It is therefore hugely important that you create a budget before your baby is born. Luckily, you have about 9 months to save before your child arrives!
How to budget for your new baby
Here are some things you need to consider when you are starting to budget for your baby:
- Pre-natal care: this is the first cost you need to think about. Pre-natal classes and the actual cost of child-birth in a US hospital can be over $10,000 so this is something you need to factor into your budget.
- Health insurance for your baby: adding a new baby to your health care plan will also be an expensive cost you need to factor, so make sure you call your insurance company and factor this into your baby budget.
- Higher utility bills: a new baby brings many different expenses, but one expense many do not account for in their budget is their higher Oncor Energy utility bill, and this is something you need to take into consideration.
- Feeding and clothing: although it might not seem like it, feeding and clothing your baby can get expensive over time, so make sure you factor these costs in.
Money-saving tips for new parents
The financial burden that a child can bring into your life can be overwhelming. However, there are some easy ways you can save money once you have your child.
- Breast-feed if possible: although this is not an option for some mothers, you should try and breast-feed if you can, as this could save you around $1,400 in your child’s first year.
- Don’t overspend on clothes: although it will look cute, fancy clothing will only last your baby a little while, as they can often have growth spurts that will mean that your brand new clothes don’t fit anymore. Try and buy second-hand if you can, and make sure you aren’t spending money on shoes. Toddlers will learn to walk better barefoot, so there is no point spending $30 on baby trainers.
- Bulk-buy diapers: diapers can be another big expense over time, so try and buy in bulk. If you are looking for more eco-friendly options, you can buy reusable diapers.
- Make your own baby food: there are plenty of easy and healthy baby food recipes that you can make in bulk, and this could save you a lot of money.
- Go coupon-hunting: there are plenty of websites and brands out there that offer coupons for new mothers. Do your research and you could end up saving big.
ConclusionBabies are a blessing, but they are also a huge financial burden. Make sure that you have a budget fully prepared before your due date to make sure you are ready for your newborn.
