It is advised to the new parents that they do proper financial planning before they have a baby, as it will hard to raise a baby if financial crises occur for a family. So here are some of the financial aspects you need to plan before you have a baby. Here is FinanceShed with a complete estimation of How much it costs to have a Baby?
There are two types of expenses for the parent’s namely one-time expenses which they need to occur only once after the birth of a child and the recurring expenses which occur in day to day life.
The one-time expenses include the cost of the things and furniture you purchase for the baby such as toys and cradle, etc. these expenses are not recurring as you just need to buy furniture for once.
1) Medical Bills:
It is very important that you see how much the medical bills cost you at the time of the birth of a child, as it will not be possible for all the parents to pay a huge amount at the same time for the hospital bills and expenses. The medical bills expenses are also dependent on the insurance policy you have as it will not be possible for all the insurance to cover the same kind of expenses.
2) Baby’s Things:
There is much stuff that a newborn baby may need and it will be necessary to purchase them for comfort. Such things are as follows:
- Home Products: There are many things that a baby needs at home such as you will need to have all the kind of furniture like a cradle, changing table, etc. you also need to keep the baby healthy so you need to purchase the hygienic blankets and the stuff for the baby.
- Nursing Cost: There are many nursing needs of the baby as there should be some of the checkups and treatments are given in the first 1-2 months so that to keep the baby healthy.
- Other Needs: Many people choose to travel with their baby more rather than sitting in the chair with baby at home, so such kind of people needs to purchase a stroller, a baby carrier and such things to make the baby comfortable while traveling.
There are many such costs that you need to incur throughout the first 2 or 3 years for the newborn to keep him healthy and also you need to see to it that it does not affect your budget.
The baby needs special kinds of clothing due to its low immune system, so you need new and hygienic clothes after a period of time, as you cannot dress the baby in the same clothes for years.
It is necessary for a baby to consume healthy food and for some of the newborn you need to feed them some extra amount of the food products as per their vitamin and other health deficiencies.
The baby is needed to be carried through the constant checkups and treatments for some years as it will be mandatory to do so.
These recurring expenses may be the expenses that will keep you out of the budget as there will be a lot of it as time passes by.
Over and above these expenses there will be a reduction in your income if any of the parents take the unpaid leave for some time. So it is advisable to do your budget management before you plan the baby.