If you plan on having a baby soon, then this is a must-read for you. The truth is if you have never had any of your kids, then there is no way of knowing how much you are going to have to fork out in your baby’s first year until you go through the first year with them.
If you would like to be money-smart and plan, then it’s crucial to be aware of all the costs involved in your baby’s first year after birth. Here, we have noted all of the costs to be expected with a healthy baby in its first year of existence after birth.
Pre-Baby Expenses
Before your baby is even born, you are going to need to buy several pricey items that go hand in hand with having a little human who is entirely dependent on you. Setting up a nursery in your home can cost anything from $400 to $2000, depending on how well you want it to be kitted out and how nicely you want it to be decorated.
Other items that you are going to need before the baby is born include a stroller (averaging $500), a car seat (averaging $250), and, of course, a bed or a bassinet (averaging $250).
Health Care
After the baby is delivered, there will be a lot of expenses, including follow-up health visits to ensure that everything is well with the newborn baby. You also never know if they need additional visits if they get sick over the winter (or any season), so it’s best to set some money aside for expected and unexpected medical bills in the baby’s first year.
Childcare and Babysitters
Having a baby is tough in the first year. You may get to a point where you feel burned out and just need one evening to go on a date night. In this case, you will need to fork out money to pay for a babysitter.
Furthermore, you will also need to budget for childcare if both parents are working, and this cost can be high depending on which state you live in. For childcare, you are looking at an average of around $320 per week, according to care.com.
Food
Depending on how long you will be breastfeeding, you are probably going to need to look into buying baby formula at some point, and once your baby starts eating real food at around six months, you will also be spending more money on that.
Diapers
When you have a baby, you will very soon realize that they poop and pee … A LOT! Using washable cotton diapers is a great way to save money and help the environment, but not every parent has the energy or time for this. For disposable diapers, you’re looking at around $80 a month.
Clothes
Baby grows fast, and they go through different sizes of clothes quite swiftly. It’s great to get hand-me-downs from extended family or friends, but if that’s not an option, then you are going to need to buy clothes for your growing baby.
