Can I afford to have a baby?

Can I afford to have a baby?

3Having a child is perhaps the most important decision in life for most people but the scale of the financial commitment that comes with having a child often comes as an unpleasant surprise to first time parents. But don’t worry, if you’re reading this, you’re already one step ahead and on track to saving enough money to have a baby. The key to success here is to start planning and saving money to have a baby early on and to gather reliable information on how much it costs to have a baby.

The cost of baby delivery

For most parents baby expenses start as soon as you conceive: doctor’s appointments, vitamin supplements, pregnancy clothes – all of those add up. And then you have the cost of baby delivery – one of the most significant baby expenses you’ll have. The best way to know how much baby delivery costs in your area is reach out to new parents among your friends and family and ask them how much they spent. The most valuable resource of information is often at work – your coworkers probably have the same health plan as you do, so information about their expenses would probably be the most accurate. The costs of delivery vary greatly by state and even hospital, but childbirth without complications costs about $7,000 in the US – this is the cost of having a baby without insurance, of course. As for yearly baby cost in first year and beyond, expect to spend anywhere between $10,000 and $20,000 per year on a baby.

In addition to gathering information from friends and coworkers, read through your insurance policy carefully to see what baby and delivery-related expenses will be covered and what your out-of-pocket expenses will be. In addition, talk to the staff at your doctor’s office and get an estimate of your expenses with your insurance. If the costs seem too high, look into changing your insurance plan if you can, but check and double check that baby delivery will be covered under the new plan.

Baby expenses in the first year

To get the most accurate estimate of how much you should expect to spend on a baby in the first year, try using some of the online baby expense calculators to get the most accurate data for your state, income, family situation, etc.

How to minimize baby expenses

Start saving money to have a baby early, in fact, try saving $1,000 every month during pregnancy, as you can expect to spend about 10 grand on delivery and supplies for the newborn. Plus, a baby costs about $1,000 dollars a month, so this will be good practice for when your child arrives.

Create a baby expense list with all the supplies you might need and go bargain hunting! Ask friends and family if they have any abby supplies they don’t need anymore – most parents are always looking to give out toys, clothes, baby furniture, etc. they no longer need.

If you still feel like you can’t afford to have a baby, download Cubux to track your expenses and see where you can cut corners and make the cost of having a baby easier to cover.

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