Adulting 101 - Budgeting for Baby
/Whether you’re expecting a new bundle of joy or you’re simply preparing for the future, it’s best to think about the costs associated with having a baby so that you can spend time loving on your new little one instead of worrying about unpaid bills.
According to Grow by WebMD, parents can expect to spend, on average, $25,360 in the first two years of their child’s life. This includes childcare, health care, clothing, diapers, food, and upgrades in housing and/or vehicles.
If this is your first child, an important step to plan your new budget is to get an estimate on how much your health insurance will increase by adding a child to the premium. This will more than likely cause your deductible to increase as well. Often you can get an estimate from your hospital on the labor and delivery costs. Some hospitals will even allow you to make monthly payments leading up to your due date, assuming that with the labor and delivery cost you will meet your deductible. My husband and I did this with our daughter, and it was a great feeling to leave the hospital with no hospital bills and a “paid-for baby.”
It may be tempting to think that your child needs brand name items on your registry because you want to give them the best of everything, but the reality is most baby items are only used for a couple of months at best and there are many comparable non-brand name items that can do just as well, sometimes better! I found some off-brand hidden gems by Googling: the name of a common brand name item + dupe. Same goes for items such as formula and diapers. Retailers such as Sam’s Club and Target have store brand baby products that can work just as well as more expensive name brands.
I love clothes shopping whether it is for myself, my daughter, or anyone I know. I was so excited to find out my husband and I were having a little girl, but I bought way too many clothes for her. There were pieces that were worn only a couple of times, some just once! For the first couple of weeks the baby will more than likely be at home with you and will not need anything fancy. Also, try to resist buying too far ahead into seasonal clothing. It is impossible to predict what size they will be in a year from now and it may be out of season by the time they can fit into it.
Having a child affects every single aspect of your life (in the best way possible!) and having a budget in place makes that transition just a little bit smoother for you and your new family.
My one-year-old bundle of joy!
