How much does a baby cost?

Now that you and your spouse have decided to have a baby, you need to know the cost of your decision. Here are some of the financial stress-free ways to anticipate your lovely bundle of joy:

Ante-natal and maternity
When writing up the future financial plan, consider the average cost for the antenatal clinics and the maternity at your preferred hospital. In case of an emergency or sickness when you are expectant, you will need to have cash in hand for consultation. There will also be prenatal tablets to purchase at least for the first trimester or throughout the pregnancy.

Shopping
Before you set out shopping, prepare a budget after some window shopping. The more you are aware of what you want in shops and hospital services, the least likely chance of carrying loads of junk home. Do not overspend on toys when you start buying items for the baby because they are not necessities unlike buying clothes and diapers. The choice for either disposable diapers or the cotton nappies will depend on your budget.

As you plan, consider that you need to invest in the baby’s area of sleep too. These include strollers and baby walkers—which you can get at second hand shops.

More room
You may find it necessary to move to a bigger house as you get an addition in your family. The cost of that move
should be put into consideration. Now is the time to start putting away unnecessary expenses such as entertainment so that what is left can be for the third member of the family—your baby.

Unavoidable costs
Your electricity and water bill is likely to shoot upward with the arrival of your dear baby.
This is because of sterilizing utensils, washing nappies among other baby wear every now and then and doing general cleaning in the house to maintain a clean environment for the baby: all of which need either more fuel or water.

Health and insurance cover
After arriving, the baby will now be listed as a dependant. If you do not have an insurance cover from the company you work for. you will need to discuss with your partner on how to allocate your resources to meet these costs: and how that will affect your financial patterns.

Check out the leave days
If you foresee taking extra leave days as unpaid leave after exhausting the 90 days of maternity leave, then you will need to know how it will cost the existing family.

If it will not jeopardise the family’s financial stability then go for it. If it will cost the family, but you still need to rest a bit longer, then be in agreement with your partner on the other available options to secure your economic well being.

Financial planning may sound a bit stressful before you walk into it. but it becomes a natural and friendly involvement as you go along. Bear in mind that giving the best for your little one is nothing short of planning well. And it is simply about the entire family’s well being—your baby’s especially.

END: PG21/10-11