Budgeting For Your Baby

Budgeting For Your Baby
by Takara Alexis

One way parents that are expecting are able to prepare themselves for a new addition in their lives is to put aside time to evaluate their budgets. Too regularly new parents are alarmed when they realize how much a new baby is going to cost financially. Once a family gets the news that they are expecting a child, it is necessary to discuss their income and go over a new budget. Having a baby is an amazing time in life. You don't want to worry about money and finances regarding giving your child what they need.

Parents usually consider only the very basic expenses while expecting a baby. However, you also need to think about the costs of diapers and food, as well as furniture and new toys. Also, baby-proofing your house can cause a tiny dent in your finances. So consider all of this. Typically, a couple can expect to spend anywhere from $150,000 to $200,000 on their child from the time they are born to the age of 18.

Since babies require specific types of groceries you need to factor in the cost. Usually it will cost up to 100 dollars each month unless your baby has special dietary needs. If that is the case you will probably be spending more then that. Also the cost will vary depending on if the child will have formula or if they are breastfed from the start.

Using cloth diapers can greatly reduce costs when you are having a child. Even though disposable diapers are very accommodating , they can cost parents $1500 to $2300 from birth until around the time the kid is potty trained. Further more, if you use cloth diapers, you are picking the option of going the green, as reusable diapers made of cloth cause less damage to the environment.

It is necessary to factor in the amount of money you will spend on furniture and toys when budgeting for your baby. You will need a car seat, stroller and crib for your baby. When you purchase this stuff prior to your baby being born you will have them when you need them and, you will have a bigger understanding of how much money you'll be working with when your newborn arrives.

Additionally, do not forget to include any loss of income when one parent has to stay home for parental leave. Even though many employers allow parental leave for one parent, most people choose to take more time off then the given amount. Also, it's always a great idea to begin saving for your child's education as soon as you are able to.