One of the main reasons a lot of people hold off on having a child is because of the associated costs that come with having a baby. Babies do cost money and the amount increases once they start going to school, so what exactly do you need to plan for financially for your child’s first year.
- Even if you decide to stay home with your child, you will still need to factor that in to your budget. If you are going back to work, is your child going to go to a day care or stay with a nanny.
- There are significant costs associated with this, whether you go with the cloth option or the disposables.
- Breastfeeding is obviously ‘free’ but there may come a time when you need to consider formula and within at least 6 months your baby will start on solids.
- Babies don’t really care or know if they are wearing a designer top or a hand made one but the biggest challenge is that they grow incredible fast so you are constantly having to buy bigger sizes.
- Many bath products are too harsh for a new baby’s skin so they do need their own soaps and creams.
- This includes the increase to your medical aid and even if you have a healthy baby there are regular things like vaccinations, paediatrician check-ups that you need to factor in.
- Toys and Entertainment. Babies don’t really need much in the form of toys but ideally they do need a few things, so this will be an additional cost.
- Education is expensive and we all want the best for our children. Starting a savings account for them, for their education or as a nest egg when they leave home, is always a good idea and the sooner you get started on it the better.
There are also the once off costs that you need to consider like car seats, prams and kitting out the nursery as well as things like bottles, dummies and baby baths.
Having a child will decrease your monthly disposable income but obviously having a child is well worth every cent.