When expecting a new baby one of your first things on your to-do list should be budgeting for a baby 101. The first year can bring unexpected surprises and expenses so having a budget for the most common items will help you be able to handle the surprises a little better.
When making your baby budget, feeding will probably be at the top of your list.
Breastfeeding - If you plan on returning to work, you will need to invest in a breast pump, bottles, and storage bags. Breast pumps can range from as little as $40 to as much as $500 depending on the model.
Formula Feeding - With formula feeding you will have an average expense for bottles which can range from $80 to $100 per year but will also have to budget for the formula which is an average of $100 per month or $1200 per year.
Baby Food - While the cost will vary on the brand and type of food you buy, you can expect to spend about $50 per month for an average of $300 for six months.
Diapering and Bathing
Diapering - Disposable diapers can be one of the most costly regular expenses you will encounter with your baby You can expect to spend an average of $70 per month for a duration of at least two years for most ringing in at a total of $1680. Wipes will cost approximately $400 to $600.
Bathing - The bathing products and lotion you choose for your infant will depend a lot on the sensitivity of their skin, but on average you can expect to spend $100 to $200 in the first year.
Child Care Expenses
If you work full-time, child care can be a large expense. The range depends on the area you live in and whether you use in home care or a daycare center. On average most parents pay between $600 and $1600 a month.
Your little one will grow faster than you can imagine and clothes that fit the day before may seem to shrink overnight. On average most parents spend $50 a month on clothing.
There are some one-time purchases you will need to make for your baby. Some of the necessary and most popular one-time baby purchases include:
Crib - $200 to $500
Crib Mattress - $60 to $100
Infant Carrier Car Seat - $50 to $100
High Chair - $60 to $250
Convertible Car Seat - $100 to $500
Stroller - $70 to $800
Infant Tub - $15 to $50
Baby Gates - $50 to $150
Pack n Play or Bassinet - $60 to $400
Baby Monitor - $30 to $200
Swing - $60 to $200
Bouncy Seat - $30 to $70
Diaper Bag - $20 to $80
While necessities will be your primary focus the first year, there will also be extras that you will need to include in your budget. You can expect to spend $200 to $300 on toys for your little one. Also, to capture their growing years, most parents will average $200 to $400 in photos, photo books, and announcements the first year.
While the above items are just some of the expenses, you can expect to spend on your baby they are a great start at preparing your budget. When all is said and done, on average you may pay between $10,000 and $15,000 for your baby's first year.
If you would like more information on budgeting for a baby or are interested in opening a savings account to prepare for the first year, contact one of the experienced staff at Rocky Mountain Credit Union today.
If you enjoyed this blog, take a look at some of our other related articles: