You likely knew before motherhood that having a baby would mean your bank account would take a bit of a hit. Even if you breastfeed and stay home with your little one, there are still plenty of costs to consider.
Costs that can add up fast, and seem never-ending.
Of course, now that you have your baby, you know just how worth every cent he or she has been. But that doesn’t change the fact that things may still be a bit tight in your home right now.
According to figures from the U.S. Government, the average parent will spend at least $242,000 raising their baby from birth to 18—not counting college tuition.
We’ll give you a minute to swallow that pill.
In this first year, the biggest expenses are often daycare (working families spend an average of $6750 per year), diapers, formula, and clothes (those little buggers grow out of everything!). In years to come, you’ll be looking at extracurricular fees, school trips, and still… more clothes. Because they just keep growing! And of course, there is always health insurance and medical bills to worry about.
If you’ve been feeling the pinch of a new baby, know there are some ways to mitigate your costs, or to at least make it all a little more manageable.
Now that your little one is on solid foods, your grocery bill will go up steadily over the next 10 years—now may be the time to start learning the art of coupon cutting.
And all those clothes? You might want to check out your local kid’s consignment shop! They often have great deals on cute clothes that look as though they have never been worn.
Car seats can be expensive, but keeping your kiddo safe is important—some fire stations keep good seats on hand to give to families in need, so calling yours up is a great idea if you’ve found it is time to get your little one out of their bucket seat and into a rear facing option, but you’re worried about how to pay for the new one.
Now may also be the time to look into a tax-free savings plan—granting you the opportunity to invest in your child’s future, while also reducing your own tax liability.
Either way, take some deep breaths and reach out for help (a financial counselor, for instance) if the money stress is starting to get to you. And try not to think too much about the big dollar sign that accompanies your little one’s entire childhood. Yes, babies cost money, but you’ll figure it out; just take it one day at a time!
Written by Leah Campbell, infertility advocate, adoptive mama, writer and editor. Find me @sifinalaska on Twitter.
This information is not intended to replace the advice of a trained medical doctor. Health & Parenting Ltd disclaims any liability for the decisions you make based on this information, which is provided to you on a general informational basis only and not as a substitute for personalized medical advice. All contents copyright Health & Parenting Ltd 2016. All rights reserved.