One of the most common questions that people ask all the time is how much it costs to have a baby. That question is often the deciding factor on whether or not people feel they are ready to have a baby. Let me tell you this right from the start, if you wait until you feel like you are financially ready, you’re pretty much never going to be ready. Not everyone will feel that way as there are many people who are in a good position financially, but I think it’s safe to say that the majority of people will never feel like they’re financially ready to have a baby. They feel this way simply because they are assuming it’s going to cost them a fortune. That’s not necessarily true.
When a couple are having their first baby, if they’re lucky, they will receive a lot of support from family and friends. That’s why we have baby showers. Quite often a couple can receive all they need to get started from a baby shower. It’s very important to set up a baby registry so that all the necessities can be chosen from items like high chairs, bassinets, baby walkers, and more importantly diapers and formula. The latter is what’s going to cost you the most at first. Formula is not cheap, especially in the past 12 months as there was a formula shortage.
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To estimate the cost of formula one must first estimate how much formula a baby is going to drink a day. On average, a newborn baby who is not being breastfed will consume an average of between twenty and thirty ounces a day with most babies consuming around twenty five ounces. Baby formula can average on a cost between 50 cents per ounce up to over a dollar per ounce depending on the brand of baby formula you purchase. So parents are looking at anywhere between 15 and $30 a day spent on baby formula. Yet, before you freak out about that, just think about how much money some people spend at a Starbucks on a Mocha Frappuccino and a cake pop or other fast food other junk. That will cost you about the same amount of money. Simply cut out a trip to McDonald’s or Starbucks every day and there you go, there’s your money for baby formula. No one will talk to you about it like that, but that’s the truth. We all spend way too much money on overpriced coffee drinks and food items on the go. Once you have your baby, it’s time to cut that stuff out.
The Work Issue and Day Care
The real hit in the wallet can come from having to take time off of work. It’s not easy to raise a family anymore with just one working parent. However, the cost of daycare or hiring a Nanny can offset the second family job. So in the end, it may make sense for one parent to work while the other stays home. Of course that all depends on the type of jobs that both parents have. If both parents are making over $100,000 or $200,000 a year, that’s a decision that can be tough to make. But I will tell you this, no mother ever wants to go back to work with a newborn at home. It’s in their nature not to leave that baby alone. It’s easier for fathers most of the time, but not for mothers, it’s a very difficult thing to do. Many jobs have been quit a few months after having a baby. That’s a decision that everyone has to make and that is where the true cost of having a baby really hits home. This is something to think about when you’re buying that first house before you have a child and the amount of mortgage you’re taking on. If you’re planning on having a family, you should probably think twice about taking out a mortgage that requires two people to pay for it.
As The Baby Grows Up
As the baby grows older and becomes a toddler and graduates from formula, parents will have to start thinking about the price of food. The grocery bill will go higher. If you want to raise a healthy baby then you should be buying a well-rounded supply of fruits and vegetables that can also be very expensive. Clothes will also become a cost although birthday parties can help with that if you remind grandparents and friends that clothes are the best item to buy.
Insurance, School and Other Costs
The price of medical insurance is one of the most challenging aspects of raising a family. Hopefully, one of the parents will have a job that supplies their health insurance. If not there are government programs that can help. For families on a low income, there is Medicaid and other government programs. Many states have separate child health insurance programs that allow families with higher incomes to buy into. Of course, there is always the ability to buy private medical insurance but it is almost always too expensive for almost anyone to afford. Once your child starts driving, your car insurance will probably triple. The real challenge is trying not to have a heart attack while you watch your child learn to drive. That’s one of the most difficult challenges of being a parent.
College and Wedding Expenses
Two of the biggest expenses parents will ever have in raising children are weddings and College. If you are just about to have a baby, then the last thing on your mind is probably paying for college. Although, there are many people who think about that right away. and they’re right you need to think about college expenses because if you’re on a low-income or tight budget it will take you close to 20 years to save up enough money to pay for your child’s College expenses. if you have multiple children, it’s going to be 2 or 3 times even more difficult. If your state has a college fund for young people, buy into it. The funds are usually low risk and it will pay more interest than a savings account will. College can be a real expense and the last thing you want to do is force your child to take huge loans that will take them the rest of their lives to pay off. You need to help them out, and start saving for college right away.
While it’s not easy to afford to have children, just about any parent will tell you that having children will change your life in such a dramatic way that will make you think how could I have ever lived my life without them? It’s the most beautiful thing in the world. They will give you joy unlike anything else in life could ever give you. Take a step back, breathe and know this, you can do it.
How Much It Costs To Have A Baby article published on BabyCareGuru.com© 2023
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