You thought about having a baby, but have you thought about the costs? Many don’t. Rather, the thought of having a family, of painting a nursery, or of watching your child grow surpasses the practical side of parenting.
Once you decide to have a baby, however, you need to start planning financially: Saving for those unexpected circumstances, adding baby products to your budget, and investing in baby furniture.
A baby, according to a recent article in U.S. News & World Report, can end up costing a middle-income family $12,000 during its first year. But, you don’t need to spend that. Instead, think about what is necessary and what is just a luxury. The U.S. News article gives the following suggestions:
• Just have the basics before your child arrives. This includes diapers, some clothing, blankets, and a car seat.
• Do not buy everything at once. See what fits your baby later.
• One have one place for sleeping.
• Used items will end up costing more later. Start with new and high-quality baby furniture.
• Convertible furniture, particularly cribs, will last longer than a year.
• Changing tables, strollers, and novelty products are not necessary.
• Look for substitute items around the home.
• Accept baby gifts.
• Look for a place to exchange slightly-worn baby clothing, toys, and furniture with other parents.
We have given these suggestions for over the past year now, particularly regarding convertible furniture, secondhand items, and baby gifts. In terms of planning financially, baby gifts often give you a starting supply and secondhand clothing and toys, when lightly-worn, will alleviate your budget.
Convertible furniture, on the other hand, is a sizeable investment up front. In the long term, a convertible crib can last a few years. The crib becomes a toddler bed, which may last a child through preschool.
December 27th, 2011 at 4:57 pm
[...] a baby arrives, expecting parents are advised to plan financially, as a new baby ends up costing $12,000 its first year. Parents end up paying $250,000 until a child [...]