Big Ticket Items to Budget for When Expecting a Baby
This is a collaborative post by Rosana with tips on buying big-ticket baby items on a budget.
Babies are expensive – there’s no way to sugar-coat it. The first thing you’ll likely need to do when you discover you’re going to be having a baby is get your finances in order to accommodate for the additional expenses that come along with your new bundle of joy. We’ve identified some of the big-ticket items to budget for when having a new baby for you, to help you along your way when you’re creating your baby budget.
Budgeting for Big Ticket Baby Items
Medical Bills and Baby Stuff
The very first big expense you’ll run into are the medical bills that come along with the actual birth and maternity care. Studies put this amount in the region of about $10,000, but this is very dependent on your state and location, so you should do some research into this for your area. Your health insurance might help with some or most of it, but you should be prepared for some expense here. There are also your check-ups and immunizations that you’ll need to go for after the baby is born, so factor those into your budget too!
Along with this, you’ll need some baby stuff – cribs, baby strollers, bassinets, and similar items can quickly add up to be a significant expense. Getting some of these things second hand might help, but you should definitely make a list of things you’ll need for around the house. Don’t forget the cost of baby proofing the house!
Getting Around with a Baby
If this is your first baby, you’ll want to think about a good family car with lots of trunk space for all the things you’ll need to take with you when you’re out and about with baby. A stroller can easily take up your whole trunk, and you’ll need loads of space for your family as it grows. A car that caters for a good baby car seat is also important. There are several standard methods, most notably ISOFix, so checking that your family car has support for ISOFix is a good idea. While on the subject of car seats, be sure to look into your state’s laws for car seats and make sure the car seat you select complies with these laws.
Tuition Fees and Investments
Perhaps the most under looked and sometimes most expensive part of raising a child is what comes along when the child gets older. Investing in a college tuition fund is always a good idea, and the quicker you get started, the less you’ll need to put away monthly and the easier it will be to have a good savings when your new baby is ready to head off to college. Considering that a year of college can easily cost upwards of $10,000 per year for an in-state college, getting started with a college fund is very important!
As you can see, there are many things to budget for, even before you’ve started buying diapers, clothing, and formula. Of course, there are many expenses that we haven’t covered here, but if you use our list as a basis for your budget, you shouldn’t be left with too many surprises along the way.
