Post # 1
I’m hoping that you can all give me some helpful information about planning financially for a new baby. I have a 4 year old step son who we pay child support for, pay for all of his activities, some clothing, and obviously the essentials when he is with us, but I know this is much different than what a new baby costs. I’m hoping you can answers some questions for me or give me some pointers.
How much did you/will you have in the bank before the baby comes? What is the average cost of a new born in the first year? What are some unexpected costs I should be aware of?
Fiance and I want children soon so they are not too far apart in age from their brother (FI’s son), but at the same time we want to make sure we have enough money to support 2 children, especially a new born. We would never want to bring another child into our family without being prepared.
Thanks in advance 🙂
Post # 3
Hmm maybe I should have posted this on the baby boards??
Post # 4
There are alot of resources online to help with this
I think at the end of the day you cant plan too much. Extra saved money can go to college savings accounts or something similar for your child
Post # 5
@lefeymw: Thank you I will check those sites out.
Post # 6
You can never plan to much and at the end of the day you have to do what works for you guys. Darling Husband came to me about 9 mths earlier than we originally planned to start TTC last year bc we were completely debt free not including our mortgage. We weren’t sure we would be in that position so soon, so we started early. This was a goal for us before we started to TTC. We also have about a years worth in savings to cover everything if we BOTH lose our job tomorrow. Yes some might feel thats too much but we also put some in IRAs and build up our retirement. Not sure about the costs the first years as it will range from couple to couple. We will not need daycare as I work nights and oly 2-3 nights a week while Darling Husband works days. The only time we would need someone is the 1 night a week our schedule lasps and someone will need to be with the baby for about 4 hrs till I get home. But fortunately, my inlaws live a mile away. Since TTC we have been putting more money aside and being more budget conscious to prepare for the extra person, whenever they come. 🙂
Post # 7
For us, a good number would be about $5,000 pre pregnancy for start up costs. This helps cover things like OB, Delivery, other medical costs (ultrasounds and bloodwork), and about $2k for big ticket items.
Here is about how we have it broken down:
- OB – $500
- Hospital – We are guessing around $1,000?
- Other medical costs – $500
- Crib $200
- Mattress $100
- Dresser/changing table $200
- Other nursery stuff $200
- Car Seat $200
- Breast Pump $250
- Swing $150
- Stroller $200
- Feeding gear $100
Those are some rough numbers and don’t include costs for things like clothes, etc. because we figure we will get some small stuff at a shower and be able to fit those smaller things (under $100) into our monthly budget.
Post # 8
Just happened to come across this
“In the Northeast, raising one child to the age of 18 costs nearly $193,000, according to the research.”