The cost of a new baby, you probably know, can be a bit expensive, but you might not realize exactly how expensive a new baby might be. Many people don’t realize that new babies start to cost money before they’re even born.
The cost of prenatal care, hospitalization, and birth are plenty, even if you have a good health insurance plan. The average cost of prenatal care after insurance is considered could be anywhere from $500 to $3,500; and the cost of your hospitalization and birth after insurance averages $1,500 to $5,000.
And that’s just for a healthy birth, quick labor, and standard stay.
Smaller baby expenses
Babies have a plethora of expenses you might not be aware of. For example, no matter how many diapers and packages of baby wipes you receive at showers thrown by your loved ones, you’ll always need more.
Diapers, wipes, formula, baby food, bottles, medications, clothes, gear, and everything in between really add up when you bring a baby into the mix.
Larger baby expenses
Your baby can cost a lot of money in much larger respects. For example, if you quit your job to stay home with your baby, that little girl or guy just cost you your entire salary. If you go back to work, your baby will need child care.
The cost of child care in many states has begun to exceed the cost of college tuition. Also, your child will need health insurance. The cost of adding your child to your health insurance depends considerably on your employer or your individual health care plan.
You might also consider other expenses such as prepaid college tuition.
Finding money for baby
Before you decide that having a baby simply isn’t for you and your financial situation, understand that it may not be as bad as you think in terms of finances. You can save money in many ways to help you afford a baby. You can cut back on things such as going out, paying for unnecessary items at home such as extra cable channels, and even on your mortgage.
By shopping around you might be able to find that you can refinance your mortgage rate to get a lower rate, which can save a substantial amount of money. You can add that to your baby fund to help you feel more secure when the time comes.
Having a baby is expensive, but as long as you know what type of expense you’re in for, you’re more likely to be well prepared for it.