Raising a child today is no joke. It’s a huge challenge that takes patience, knowledge and a lot of preparation particularly on the monetary side. Not many couples realize how expensive a new baby can be until they’re in the actual situation of raising their child after birth.
It’s a fact that having a new baby these days can cost so much the reason why couples bent on having their own child need to know what they’re potential expenses would be right from the start. From conceiving the child and that includes pre-natal care to hospitalization and birth, a couple is bound to spend thousands of dollars ranging from $1,500 to $5,000.
Take note, however, that this estimated cost is only for a healthy childbirth and short stay in the hospital. The expenses can still go up in other situations such as when the baby is born premature, the mother goes through caesarean section or when the mother quits her job.
A baby requires a lot of basic needs. You may receive a good share of them during your baby shower but you will have to buy more moving forward.
Things you will need that can add up to huge cost are diapers, baby wipes, formula, baby food, feeding bottles, clothes, gear and medications among many others. These will have to be stocked up in the house to ensure you’re always ready when your baby needs them.
The larger expenses would involve child care (particularly if the mother is working), health insurance and prepaid college tuition. It’s worth knowing that getting somebody to look after your baby can be more expensive today than a college tuition.
Also, the health insurance is another important consideration. Your main options would be to add your child to your company’s health insurance or get an individual health care plan.
Parents will always work hard to support their baby and there are actually ways to save money if you only know how. Cutting back on your unnecessary shopping trips and buying things on impulse can be very helpful.
Another option is to refinance your mortgage to avail of a lower rate. The savings you gain then can help you in your other baby expenses.
Raising a baby indeed can require hard work and that includes saving money. But if you know how to budget and reduce impulse buying, you’ll be fine moving onward.