Having a baby can be a really rewarding and joyous experience for both parents. However, having a baby does not come cheap unfortunately and anyone that is considering starting a family needs to consider the financial implications. Whilst this may seem rather a clinical way to go about things the last thing that couples need, especially in the current climate, is the stress of looking after a baby topped with the stress of not having enough cash to look after the baby properly.
The cost of having a baby can vary from one couple to another, and can vary based on individual circumstances. It is not only about the amount of money that you will have to spend when you have a baby but also about the amount of money that you may lose as a result of having a baby. Then there is the future to consider – the cost of having a baby doesn’t stop when your child stops being a baby, in fact it probably increases, which is why financial stability is so important for anyone considering having children.
Some of the costs that you need to consider when it comes to having a baby include:
- The cost of one of you having to give up work, potentially for a number of years in order to bring up the baby. Whilst you may get benefits when you have your baby this may come nowhere near the amount you were earning when working, so make sure that you can manage without that income
- The cost of baby supplies. The cost of living has soared over recent years and when you consider even the most basic baby supplies that you will need, from nappies and creams to baby food and milk, you will see that you could end up paying out a small fortune each week. On top of this you have other one off expenses such as a pram, a cot, and other baby equipment for the home
- Buying baby clothes. These can be quite costly but more worryingly you will have to replace them on a regular basis because of the rate at which babies grow. You can get around this by relying on the generosity of friends and family who may have had babies in the past and may have some hand me downs that you can use
- The cost of childcare: Whether you are angling for a night out or whether you are looking to return to work, you may end up having to get childcare and this can prove very costly. Nursery costs are also high and can be a real drain on the finances. You may have family members who can help out with childcare but unless they are available on demand you may find that you have to spend a fair amount on babysitters, nannies, or nurseries
- The future: You will also need to make sure that you are thinking about the baby’s future, such as saving up towards their further education. Whilst this may seem like a long way off when you first have your baby, time flies and as a responsible parent you will soon realize that you need to start saving sooner rather than later
- Gifts: Whilst this is not an essential expense such as food and clothing you will most likely end up spending a fair amount of money each year on gifts for your child for birthdays, Christmas and the like