This is a collaborative post.
It’s an exciting time to be pregnant and await the arrival of a brand new life. Babies change the game of life you’re currently playing and while you think that all you need is love, it’s a little more complicated than that. Yes, babies need love. They need your time, attention and affection and they need you to be there for them no matter what happens. As you are pregnant, you are thinking about those ten fingers and toes. The rosebud mouth and impossibly long eyelashes that babies seem to sport. You imagine your baby – but are you imagining life WITH your baby?
Many new parents forget that part. They think of all the positives – of course – and forget that there is a life to look after. Babies change your life, they change who you are and they alter your financial position, too. No matter how rich you may be in cash, you will always wonder how you will fit the baby into your financial plan.
Budgeting for a baby has to go beyond muslin cloths and nappies; you need to consider the future. You have school, clothes, shoes, vacations, food, vaccinations, medical expenses. It all racks up over time and whether you are looking at saving money in buying a bassinet mattress or you want to minimize expenses with a carrier over a pram, there are choices to be made. As much as possible, you’ve got to prepare for the big one-off expenses as much as you plan for the smaller, continuous expenses like new clothes as they grow. So, with this in mind, let’s take a look at how you can budget for your new baby.
The Big Guns
We mentioned the big, one-time expenses, and it’s important to know what these entail. When you are having your first baby, the stroller and bassinet, the cot and the medical expenses are huge – because it’s the first. You can use the same furniture (except bassinet mattress) when you have subsequent children. But for the purposes of these expenses, we’ll pretend this is your first baby. Here are some of the big guns that you have to pay out for:
Having the Baby – Medical Bills
Unless you choose to birth at home, your medical bills can rack up really fast. Even with a homebirth, you need provisions for back-up expenses in case you need to be taken to hospital. Not only will you have to think about whether your insurance will cover you, you have to think about your out-of-pocket expenses for prenatal care, any tests, postpartum care and if your baby is taken to neonatal you’ll have those costs, too. You can’t predict the true costs of these expenses, but you can get saving and if you know that the average copay for an expecting mother is 20%, then save for that!
Travel
Ideally, you don’t want to be stuck inside all the time with a baby. Thankfully, there is more than one way to get around. Your car needs to be properly fitted with an infant car seat and rear-facing as long as possible. We’re not talking turning your baby forward to see the world at 6 months; we mean aged 4-5. Buying an infant capsule is important, and then later on you should budget for a good 360-seat. After this, budgeting for a stroller or a baby carrier is smart. Carriers are perfect for a newborn and a stroller (parent-facing as long as they can) is a good backup for the days you don’t want to use a carrier.
Feeding
At first, you may well be breastfeeding your baby. Breast milk is free, but feeding can be complicated. It may have minimal costs, but you should budget for a private lactation specialist in case you have any latching issues. They can advise you on the best breast pumps, too.
Comfort
Baby needs a place to sleep at home. It’s important to know that you are going to end up with two places for your baby to sleep: a cot awaiting them in the nursery, and a bassinet or crib in the bedroom. Baby needs to sleep in the same room as you for the first six months, so a bedside crib is a smart idea.
It always pays to know about safe bedsharing, too, just in case! They should be with you for naps, too, and each of their sleep spaces should be empty except for a fitted sheet. Do not buy cot bumpers – let’s minimize SIDS rather than pretty up their sleep space and risk suffocation.
The Smaller Guns
Ongoing expenses may be smaller than the ones we mentioned above but that doesn’t mean that you shouldn’t budget for them.
Clothes
Babies grow so fast that you can skip entire clothing sizes. There is nothing wrong with buying second-hand items on eBay or marketplace, and you should know that buying designer gear isn’t a good idea – cute, but no good for poop explosions. Babies need comfort; baby onesies and vests with zippers and poppers, and save the denim until they are on the move.
Diapers
You have options for costs here! Cloth diapers may be a large outlay, but you’ll save a ton of money on diapers and you can get so many cute diaper covers. You will be greener in your efforts if you choose cloth as you wash them out, not add to landfill. Diaper outlays can be everything that you need to equip your baby until potty training begins.
Children are the best thing that you could do with your life if you choose to have them. The thing to remember is that they are not cheap. You can get a lot of their stuff second-hand and get things gifted from generous friends and family members. Plan as early in your pregnancy – and even before trying – if you can, and you will be able to feel better prepared for your new arrival. Best of luck with your new adventure.
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