Depending on where you live and other factors, you can expect your baby’s first year of life to cost anywhere from $20,000 to $50,000. Here are some of the items you should take into consideration when planning your budget for baby.
There are several medical expenses associated with having a child, this can include prenatal care, delivery, hospital stays, post care, etc. On average, these expenses may cost upwards of $10,000. However, the final amount may be dependent on your insurance coverage and where you live.
While some items can wait until after the baby arrives, there are a few items you purchase before the big day. For example, you will not be allowed to leave the hospital if you don’t have a properly installed car seat. Make sure the car seat you purchase is up to current safety standard. It may also help to have items such as a bassinet, stroller, diapers, and wipes already so you don’t need to worry about it once baby is home.
Once your new addition joins the family, you will need to make changes to your insurance plans. If you don’t already have some type of life insurance in place, now be a good time to look into one to ensure your child is taken care of in the event anything happens to you.
Parents who are planning on working post-birth usually enroll their children in daycare around the three- or four-month mark. These costs are dependent on the type of care you choose.