Most moms and dads realize that welcoming a baby into their homes requires making a few adjustments to their budgets. Between food, gear, diapers, and other items, the cost of caring for an infant is significant. While experienced parents are familiar with the expenses they can expect, new parents are often taken by surprise.
Experts suggest moms and dads should plan to spend nearly $10,000 during their babies’ first twelve months. Given this, it’s no surprise that money is one of the main concerns among parents. The question is, on what is this money spent?
This article will provide a detailed glimpse of the costs associated with raising a baby. We’ll present the largest expenses, and reveal how much you can expect to spend. We’ll also provide a few ideas for trimming the bill.
Babysitters And Child Care
Depending on your circumstances, you may be unable to stay home with your little one. If this is the case, you’ll need to hire someone to take care of her. If you hire a babysitter to come to your home, plan to spend approximately $10 an hour. Most moms and dads take their babies to childcare centers. Here, costs can range from a few hundred dollars to over $1,000 per month.
You can save money by asking a family member to watch your infant for you while you’re away. Also, consider asking a friend who has her own child. She may be able and willing to watch yours, as well.
The Price Of Formula And Food
If you choose not to breastfeed, you’ll need to add baby formula to your budget. Costs vary by the type of formula you buy. For example, a ready-to-eat formula may cost as much as $10 per 32-ounce bottle. Many parents find themselves spending a few hundred dollars each month on formula.
Baby food is another significant expense. Premium brands cost over a dollar a jar. If your little one has a particularly healthy appetite, you might spend nearly $200 a month.
You can save money on formula by buying it in powdered form. Also, stock up by purchasing it in bulk at one of the warehouse retail chains. To save on baby food, consider making your own with homemade recipes. You’ll need to spend money on a grinder or food processor, but the monthly savings will pay for this several times over.
Toys, Stroller, Crib, And Other Items
Your infant will need an assortment of baby gear, including a car seat, crib, and stroller. Costs for these items vary dramatically. A car seat will cost between $50 and $400. While a crib can be purchased for as little as $100, prices for high-end models climb past $500. A basic stroller costs less than $60. But those designed to handle rough terrains start at approximately $130 and rise above $400.
Start with the essentials, and avoid the bells and whistles. For example, unless you’re certain you’ll need an all-terrain stroller, save money by purchasing a basic model.
One side note: resist the temptation to buy a used car seat for your little one. In most cases, you won’t be able to validate its crash history.
Keeping Your Infant In Diapers
Your little one will go through an impressive number of diapers each week. The cost of diapers will vary based on the type you buy, and where you buy them. Cloth diapers are the least expensive; you can expect to pay up to $150 for a kit that includes a day’s worth. Each load of laundry will cost approximately one dollar. Disposables are more expensive; each diaper may cost between $.25 and $1.
Using cloth diapers is the most effective way to save money. If you choose to buy disposables, stock up from the warehouse retailers.
The costs of raising a baby cause anxiety for many new moms and dads. But there are ways to save money. Use the information above to plan your budget in a way that ensures your little one has the items she needs.