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Budgeting --Part II
You may have had a budget that worked well for you and your husband, but that doesn't necessarily mean the same budget will accommodate your new baby and all that comes with him or her. You'll have to rethink your old plan and make adjustments wherever necessary. Keep in mind that a bigger family can require a bigger house and even a bigger car. For example, studies show that the additional transportation cost of one child totals $46,345 over 18 years.
Here is a checklist of approximate costs associated with caring for your new baby.
- Crib (consider buying a new one to be sure it meets current safety standards): $250+
- Bedding: $80+
- Changing table: $60+
- Rocking chair: $150+
- Dresser (no need to buy a baby-specific one if you've got something useable at home): $200+
- Bassinet (get one with wheels so you can easily take your sleeping baby with you in the house, or better yet, use a pram until your baby moves into the crib): $70+
- Baby monitor: $40+
- Car seat (the law says you need it before you can leave the hospital): $75+
- Stroller (look at four-in-one models that cover both stroller functions along with baby carriers and car seats) :$80+
- Safety gate (beginning about six months after birth): $25+
- Diaper bag: $30+
- Baby carrier: $60+
- Diapers: Disposable, $13+ for 60; cloth, $21-$48 per dozen
- Formula: If you cannot breastfeed, formula will cost you approximately $900 or more per year.
Remember, sticking to your budget is more important than ever. If you overspend now, it's not just you and your partner that get short-changed. A baby requires more than you probably anticipated and maintaining a cushion each month for unforeseen medical and other expenses should be a priority. In fact, many experts suggest that you maintain at least a 3 - 6 month cash reserve.
Continue to: Part III: Childcare
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