Disclosure: collaborative post
They’re only small, but they need a lot of stuff and require a lot of planning, yes it’s babies. Planning to have a baby is hugely exciting, but it can be a big hit on your finances. Your little bundle of joy comes with a not-so-little list of requirements. From cots to clothes to car seats, the costs can add up quickly, so how much does it cost to have a baby?
This is a difficult question to answer, and if you ask lots of people, you’ll probably be given totally different answers.
According to the USDA, the cost of raising a child to the age of 18 is a whopping £175,000. Now luckily, you don’t need all that upfront, but it would be a good idea to know what you do need before your little bundle of joy arrives.
First of all, try using a baby costs calculator and a budgeting tool to help you see how much you can save before the baby is born. If you have saved already, then take this into account, and if you have debts, then it’s a good idea to see what you can do about them. For example, it might be worth looking into debt consolidation loans for poor credit. Also, check if you are entitled to any benefits.
Once you have all this information and you know what you can afford, you can think about what you are going to need. For instance, you might need to budget for a higher electricity and utility bill since you’ll be spending more time at home. Then there’s higher grocery bills and costs to hire a babysitter. Then, of course, there are the essential items you need to care for your baby:
Clothing
You’ll need new nappies every day plus baby clothes. According to NatWest, new parents spend an average of £40 a month on new clothes and £5 a week on nappies. You can save by buying second hand and taking donations from friends and family who have had children. You could also consider cloth nappies and cloth wipes.
Bedroom
You will need a cot, and a mattress for your baby and these can cost £70 and £20 respectively. It’s also worth getting a baby monitor, and prices for these start around £30. You can get a second hand crib or Moses basket, but the mattress should be new.
Travel
You’ll need to buy a pram, car seat and changing bag to take your baby out and about and you can spend as much as you like on these. However, if you want to save, then look at getting a pram that you can convert into a car seat.
Childcare
If you need to use childcare, this can be very pricey, but there is useful information about this on the government’s Money Advice Service. For example, is says that if you send a child under two to the nursery is £122.46 per week for part-time care and £232.84 per week for full time.
So, where can you save?
While it can be tempting to splash out, remember that other people are going to want to buy you presents and treat your baby, so don’t spend a fortune until you see what you get given. Have a baby shower and register a baby wish list on Amazon for things you need. Then, when you do go shopping, remember how quickly your baby will grow, so do they really need those cute little shoes right now before they can walk? Do they have time to wear all those 3-6 month clothes? Probably not, so hold back and wait and see what your baby really needs. There’s also no need to buy brand new, look around charity shops, Mum2Mum markets, and Facebook market as there are great bargains to be had.
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