This article is to help you figure out what you can expect to pay on a monthly basis for a new baby.
Okay lets face it having a baby is expensive. Whether you’re expecting, or if you are trying to conceive a baby it is a pretty good idea to have a budget ready before the baby arrives, so you know where you stand financially when the baby gets here.
Knowing what to put in your monthly budget for baby expenses can be difficult, you really need to be honest about your expenses and maybe even over budget a little just to make sure you have enough to provide for your new baby. There will always be a few expenses that will be in your budget on a monthly basis and those things are:
1. Diapers. This and food will be where most of your money goes. On average you can expect to pay anywhere from $8-$25 for one package of diapers it all depends on the brand, size of the package, whether or not they are on sale, and if you use coupons or not. I would recommend budgeting in at least $50 a month just for diapers. Now a good way to save money on diapers is to buy in bulk, clip coupons, or maybe even trying an off brand, depending on the diaper this may be worth a try. Also budget in $10 a month for wipes, I recommend buying off brand.
2. Food. Now the cost of food depends on whether or not you plan to breast-feed or formula feed. The cheapest option of course would be to breast feed, because you won’t need to put money into bottles and you don’t need to buy formula.
*Breast-feeding. There is really no money that you need to budget on a monthly basis with breast milk, except for maybe nursing pads and I would budget $20 a month for the first three months. Some other expenses you could expect to pay at first would be the cost of a breast pump, and a lactation consultant. Now depending how often if at all you plan to pump depends on the route in which you should go. If you plan to pump on a regular basis then it would be a good idea to plan on buying a really good breast pump, and this can cost you anywhere from $400-$500, I would just plan on paying $500, and remember this is just a one time thing. And if you pump a lot you will want to budget in the cost of storage for the breast milk, and that really just depends on what you use (disposable, or reusable), and how often you pump, it would be a good idea to budget at least $50 per month for these items, it maybe more or less. Now if you only plan to pump once or twice to get you milk supply up you can expect to spend $60 to rent a pump from a pharmacy for a week this will include everything you need, after the first week you can expect to pay $20 on up. For lactation consultant will probably cost $60 per session, at the very least budget one session for when you get home, because you will probably be provided with one in the hospital, and they are a lot of help if you have questions and if you need support.
*Formula feeding. The main cost you will want to put into your monthly budget will be the cost of formula, now considering a small can of powdered formula can cost $12 on up, it can get pretty expensive. You should probably budget at least $25 a week for formula that equals out $100 per infant per month. A good way to save money on formula is to subscribe to mailers for the formula you plan on using, and also buy in bulk; this is really the best way to save money on formula. I do not recommend buying off brand formula, but really you should discuss this with your pediatrician to see what brand of formula you should use, and also to see what they think about off brand formula. Now when the baby gets a little older, at around four months, the cost of formula may go down but you will want to make sure you budget in the cost of baby food, so just plan to pay at least $100 a month on food for the baby for the first year.
3. Another major expense is clothing. Babies grow out of there clothes before they can even wear them out. You can plan on buying a whole new wardrobe every three months. I don’t suggest going crazy on clothes for at least the first year or so, because you will be throwing money down the drain. A good thing to do is to budget out $100 a month for clothing whether you use it or not, put it into an account and use it only for the babies clothes, and that should give you $300 to spend every three months on the babies clothes. Now this is not just for outfits this is for sleepers, onsies, bibs, and shoes, which you will more than likely be replenishing every three months.
So there you have it budgeting for a new baby in a nutshell. This is just a list of the necessities that I hope will be helpful for you to know where you stand financially with the new member of your family. I know having a baby can be expensive, but just always remember to enjoy the time you have with your new baby, that time is truly priceless.