How much a year does it cost to finance a baby?
February 4th, 2010 | by admin |FuTuRe-MRs.ReYeS asked:
I will be getting $50k on August 28th to last me a year.. How much does it cost to finance a baby? And can someone put the expenses in catagories for me? I want to show my boyfriend that we can afford it.
I will be getting $50k on August 28th to last me a year.. How much does it cost to finance a baby? And can someone put the expenses in catagories for me? I want to show my boyfriend that we can afford it.
4 Responses to “How much a year does it cost to finance a baby?”
By Mama of Three on Feb 7, 2010 | Reply
I wish I could get 50k for a year. I only get about 43k a year and I have to work my ass off for it. But anyhow I have three babies and we live just fine on 43k
By Vpot on Feb 8, 2010 | Reply
Diapers = $1200
Formula (should you choose to go that way) = $1200
Clothes, I spent about $3000 in the the first year.
Furniture and large baby toys (swing, bouncer), about $2000
Food, add about $250 a month to your existing grocery bill.
Transportation varies from person to person. But a good car seat will cost between $100 and $200
Stroller, $200
Don’t even want to think about what I’ve spent on toys.
Rent, about $12000 for the year.
$1000 on medical necessities (baby tylenol, orajel, bum cream etc…)
$500 for laundry.
The first few months are the most expensive. Especially if you don’t have a health plan, or insurance.
Then there are also outings, and other miscellaneous things I’m sure I’m forgetting. Our family is just barely getting by on a little under 40k a year. We don’t have a car. We don’t “date”, we never go out. We are strictly parents 100% of the time.
Also keep in mind, that children get more expensive with every year that goes by. And that things break.
By Rob C on Feb 9, 2010 | Reply
It’s your choice. If you need to save money, look for good quality second-hand equipment or clothing. There’s a lot of baby stuff for sale that you don’t actually need.
Essentials:
Cot (worth looking for second hand)
Car Seat (buy new and look for something that will last through different growth stages)
Stroller (I’d probably buy new, it can get a lot of use if you plan to do any walking)
Diapers
Clothing – you’ll probably get given a lot as gifts; hand me downs are great & sometimes second-hand can be really good quality. Once your baby has messed in clothes a few ties you really won’t care about dressing them in hand-me-downs.
Toys – you’ll probably get given a lot as gifts.
Apart from this, biggest costs are either your loss of income, or cost of childcare once you return to work. Food costs aren’t that high in the first year unless you use formula (they don’t start on solids until around 6 months).
By Holly on Feb 10, 2010 | Reply
People have supported babies on far, far less.
Do you have health insurance? Most plans charge a flat rate for all prenatal visits and delivery. Otherwise this will be out-of-pocket. Depending on where you have the baby and the interventions you choose, you can look at several thousands in the delivery alone. Midwives and/or birth centers charge anywhere from $4,000+ and physicians may charge more for non-medicated, non-intervention births. This doesn’t cover baby care if something is wrong with him/her, either, or any of the testing, vaccinations, and other new baby fun.
Are you going to be nursing or formula-feeding your baby? Nursing is free, although you may need lanolin, nursing pads, and some accessories (bottles if you eventually plan to pump, for example). It does not cost anywhere near the cost of formula-feeding, but you should factor in a couple hundred.
Are you using cloth or disposable diapers? Cloth diapers can save you thousands of dollars in the long run. Think $500.00 initial investment instead of $3,000.00 for the duration of potty-training.
Clothing and furniture are not as big a deal. You can buy secondhand clothes at any number of baby stores (plus people give you a ton – check on Craigslist) and you really don’t need the furniture you are encouraged to buy. You don’t need a crib (just a secluded area or bedshare with mom and dad), a changing table (use the floor, the couch, the bed), and all that nonsense.
The same goes for toys. Bouncy things, swings, sit-n-spins, none of those are necessary.
If you’re nursing, you need about 300 more calories a day (the equivalent of a candy bar, though you’ll probably want to eat something healthier), so your grocery bill won’t increase much till baby starts eating solids. Then it’s really only mushed bananas and things like that, which can be done yourself and without the need for baby food.
You absolutely have to have a car seat if you own a car or plan to transport your baby in one.
This all assumes you have a place to live, utilities, groceries, transportation, and entertainment covered.
$50,000.00 is plenty to last you a year, but please plan to have something going on after that year is up! You never know what emergencies will come up or what your baby may need on its way here.
Good luck!