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Who Says a New Baby Needs to Cost $11,000?
March 12, 2009 at 2:44 PM by Cafe Suzanne - Comments (32)
According to the United States Department of Agriculture, it costs about $250,000 to raise a child from birth to age 17, and that doesn't include college. A new baby costs a middle-income family up to $11,000 in the first year. Just where does that money go?
According to MSN Money, here's where it goes—and here are some ways you might be able to save:
1. Medical care. Even if your child is in perfect health, new babies need a lot of well-visit checkups and immunizations (if you're doing them). These visits can be costly, especially if you don't have insurance or your co-pay is expensive. Money-saving tip: Don't take your baby in for every little sniffle—use your judgment and check out these resources for health questions. Use doctors that are in-network; check to see if your employer offers a flexible spending plan (this allows you to pay for benefits with pre-tax dollars).
2. Maternity leave. The average policy only pays a portion of your income for a certain number of weeks. If you take a longer maternity leave it will be at no pay. Money-saving tip: To cover the cost of that lost income, plan in advance and save beforehand.
3. Child care. Depending upon where you live, these expenses can range from $5,000 a year for day care to more than $20,000 a year for a nanny. Money-saving tip: See if your employer offers a dependent-care spending account, which lets you pay for qualifying child care expenses with pretax dollars. You may also be able to claim a child care credit on your federal income tax return.
4. Diapers and wipes. The average baby goes through ten diapers a day. If you use disposable diapers, that will cost you about $2,000 by the time your baby is potty-trained. Add to that the cost of a wet wipe or two at each diaper change and that's another $1,200 a year. Money-saving tip: Use cloth diapers and launder them; make your own diaper wipes.
5. Formula and breastfeeding expenses. Formula is expensive and while breastfeeding is cheaper, you still may have to factor in the costs of buying or renting a breast pump, nursing bras, breast pads, nipple cream, etc. Money-saving tip: Use generic store-brand formula, which is cheaper but has the same exact nutrients.
6. Baby gear. Car seats, cribs, strollers, slings—it all adds up. Money-saving tip: Buy used gear (check here for info on secondhand car seats), make your own sling, check these thrifty mom blogs for sales, deals, and coupon codes. Don't buy things you don't really need—any flat surface can be a changing table.
7. Clothing and shoes. Babies outgrow clothes so fast they need a new wardrobe every few months. Money-saving tip: Buy at consignment shops, buy clothing on sale at the end of the season.
8. Baby food. Most babies start some solid foods between four and six months, and jarred food can cost hundreds of dollars a year. Money-saving tip: Make your own with these tips or put off giving your baby solids for a few months.
9. Life insurance policies and attorney's fees. Couples should make wills naming a guardian for the baby in the event of their deaths. Also, couples should take out or review life insurance policies so that each partner has the money needed to raise the child should the other one die. Money-saving tip: There's no way to get around attorney's fees, but do some comparison shopping. The money you spend now could end up helping you a lot in the long run.
Which of these things will you just do without?
FILED UNDER: baby gear, health, recession guide
Comments:
#1, #2, and #3 don't apply to me as a SAHM and military wife. If you're low income, you can get financial aid with childcare.
#4 can vary extremely depending on if you use cloth, and if you buy store brand and use coupons or not.
#5 isn't necessarily because you don't HAVE to buy anything for breastfeeding, and if you NEED a pump, you can get them extremely discounted or even have your insurance pay for one.
(cont.)
#6 DO NOT EVER BUY A USED CARSEAT! EVER! If you are in desparate need of one and can't afford one, you can get one FOR FREE that is brand new and SAFE through fire houses and police stations, and other organizations. Also, if you spend time doing good research, you can buy high quality products that will last you a long time. There are carseats that if you buy at the right time can hold your kid for 6+ years. You can also buy lots of Craigslist.
#7 Well... kids do have to get dressed. :)
#8 Even the AAP says not to start solids before SIX months, even for formula-fed babies. THe four month thing has been outdated for years. If you're exclusively breastfeeding, you can delay solids up to a year old.
#9 As a military wife, again, we don't pay for lawyers. I do pay for life insurance for my kiddo which can double as a college fund if he chooses, and if you do it through a company you have insurance of another type with, you can get major discounts. I pay $2 a month for the kid's life insurance, because it's $16 a month, but with a $14 a month discount for having multiple plans with the company.
So yeah, I wave the BS flag on their estimated costs.
i bought a used car seat (and it works great and is COMPLETELY SAFE! thank you very much Rana..) for only 29 dollars..and i buy the generic brand diapers which only cost $6 bucks plus change instead of pampers..yet they work JUST AS GOOD. I also buy my son cloths at the salvation army on Wednesdays when every item of cloths is half price..so onesies are only 50 cents each. And since my doctor instructed me to feed my son stage one baby food (and yes, he is only 4 months..again,thank you Rana) i get it at winn dixie because they have the rewards card and you can get about 4 cans food for less than a dollar fifty..which is very cheap.
so as long as you shop smart..you shouldnt have to worry at all.
and to RanaAurora..if you are going to give crappy advice..just don't give it.
I agree with RanaAurora.
I bf and make my own baby food. A lot of the stuff they talk about you get at the baby shower. I did. Thank God! I got a free car sea though my insuance.
I am a STHM. SO we are making less then we did when i was working and now have a child and make it just fine. SO Ya! Big BS!
You really shouldn't buy a used car seat unless you know who had it and its history. If a car seat has been in a car that has been in a wreck, it can be rendered unsafe for use. You wouldn't know that, and some people don't realize that, either. Always buy new or get from someone who you know would tell you the truth.
LOL, I'm sure your carseat works GREAT, thank you Beth. But you don't know how well it will work in an accident. Click the link that Cafe Suzanne put about buying used carseats. It's a safety issue. When you can get a NEW, safe one for free, or buy a used, potentially dangerous one... isn't the choice obvious?
And the solids thing... one doctor gave you outdated advice. It happens a lot. That's why moms should make sure that THEY know these things, because doctors can often be wrong or outdated.
If you're not going to research, don't insult my advice. ;)
$11,000 seems pretty steep. lol I do think alot can come from baby showers so its not directly out of your pocket, making it easier on your pocket. Craigslist for cribs and play toys and stuff is great to save money. As far as solids, only mothers know when there baby is ready for solids. I don't think Doctors give out dated advice, its really a generic opinion that 4-6 months is a good time to start. ALL babies are different and do things at their own pace. My child might start at 2 months, costing me more lol, but yours might start at 8 months, costing you less. I baby sat for a little girl that had no intentions on eating whatsoever until 8months. While my son started at 2 and never stopped. I really believe her daughter is underweight because of this. You just don't get enough calories from breastmilk or formula after 6 months and that is a proven fact. =]
I think used car seats are safe. If i went to pick up a used one and it was bang up and dented of course I wouldn't use it. But a used one that looks like its in great shape and does all the same things a new one does could really help a family in need.
Thrift store and consignment store are great for cheap clothing. Even giranimals at walmart is really cheap. freecycle.org is also great for getting free stuff, tons of baby stuff is donated where I live.
Its definitly doable for less then that. And your baby doesn't have to go without, just make thriftier choices! =]
erin, you can't always see the damage on a used seat. That's the risk. And like said in the link about used carseats, and I already mentioned, you can get a new seat FOR FREE... so why would you buy a used one?
You just don't get enough calories from breastmilk or formula after 6 months and that is a proven fact. =] erinkoeser616
Oh, and I missed this first time around. Food in the first year is practice. Their main nutrition is from their formula or breastmilk. Breastmilk, as it changes, actually can be the ONLY food for the entire first year.
Your fact is inaccurate, I'm sorry. :)
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You can make a will and have a notary authenticate it for you, which can save $ on those costly attorney fees. Many people go without Life Insurance for their children. We have it because it guarantees insurability throughout their life time. Meaning if your child gets very sick later on in life and you didn't buy insurance before you can't get it now. As awful as it sounds if your child dies you can use that money to pay medical bills. I know that if anything happened to my kids I wouldn't be able to function for a very very very long time and would need some money to keep us going.
jkruehmann Mar. 12, 2009 at 3:31 PM