canstockphoto18071332If you are planning to have a baby in the near future, there are some things you will need to plan for. Making the decision to have a child is a major step in your life. Having a new born will change every aspect of your life, especially when it comes to your finances. In fact, it will get very expensive. The examples below will give you an idea of the Costs of Having a Baby.

 

Babies will need formula (if you choose not to breastfeed) and diapers. These two items are expensive. Your infant will need to be fed and changed continuously. Once your baby become a toddler, he or she will begin to eat table food. This will add more to the grocery bill, especially if you buy jarred baby food.

Clothing is another expense that you will have to consider. Babies grow very fast and will require you to buy them in a bigger size sooner than you realize. Clothes can be purchased at thrift stores to minimize the costs. It is not unusual for children to grow three or four sizes or even more within the first year. The price of clothing will get more expensive as children get older.

Do you have insurance? Medical insurance is needed to cover the expenses of  your pregnancy and the birth of your child. Typical pregnancies require between twelve and fifteen visits, depending on your doctor’s requests and the development of your pregnancy. If you have a high risk pregnancy, you will need to see a doctor more often which leads to more expenses.

If you are without medical insurance, the visits to the doctor’s office will add up to a lot of your out of pocket expenses. Medical insurance is also highly recommended for the birth of your child. Having good medical coverage will ensure that most of the expenses are covered.

After the baby is born, there will be several visits to the doctor to ensure that your baby is developing well. Most medical insurance companies will fully cover the visits to the pediatrician. If the insurance company won’t cover 100% of the costs, then you will just have to pay a small out-of-pocket co-pay. If you don’t have insurance, the visits are not covered and you are responsible for all of the procedures and the vaccinations that’s given to your child.

If you and your spouse or partner both have jobs, then you will need to pay for child care expenses. The price of a day care is almost as expensive as making monthly car payments. You can cut your expenses by working opposite work shifts.

 

Making the decision to have a child should be taken seriously. Many people are not aware of the Costs of Having a Baby and what it will take to raise a child. When you have a baby, you will have to put his or her needs before your own. Talk to friends and family members who have small children to prepare yourself for the physical, emotional and financial expenses that may lie ahead for you.

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