by Miracle Spencer
Published 2 years ago
Updated 1 year ago
Some studies show numbers ranging from $20,000 to $50,000 for the child's first year of life, depending on location and household income. Beyond the general items, like a stroller, crib, or car seat, here are some estimates of what you can expect to shell out in your baby's first year.
How much does a newborn cost per month?
If you take into account an average annual inflation rate of 2.2 percent — as well as the fact that one-child households spend an average of 27 percent more on the single child — that $12,680 could be over $17,500 in a one-child, middle-income household in 2019, which equals out to almost $1,500 a month. Whoa, baby.
How much does it cost to raise a baby the first year?
Your baby's first year will cost roughly $12,000. That includes diapers (estimated between $70 and $80 each month, according to the National Diaper Bank Network), food, clothing, furniture (a nursery costs about $2,000, according to The Bump), routine out-of-pocket doctors' expenses and child care.
How much money should I save before having a baby?
A normal pregnancy typically costs between $30,000 and $50,000 without insurance, and averages $4,500 with coverage. Many costs, such as tests that moms who are at-risk or over age 35 might opt for, aren't totally covered by insurance. Plan to have at least $20,000 in the bank.
How do I prepare financially for my baby?
Financial Goals Before Your Baby ArrivesUnderstand Your Health Insurance. ... Pay Down Debt. ... Build Emergency Savings. ... Shop for a Life Insurance Policy.Make a Parental Leave Plan. ... Update Your Household Budget. ... Think Ahead for Child Care.Prepare Your Baby's Paperwork.More items...•
How much does it cost to raise a child in 2022?
That's $80,000 more than the estimate released five years ago. The Brookings Institution analysis is based on a middle-income, two-parent, married family with two kids, and it doesn't include the cost of college.
How much does it cost to raise a child in 2021?
On a medium-budget spend, parents will need around $304/week to raise a child ($15,834/year); on a high-spend budget that goes up to $405/week. Food and nutrition supplies (breastfeeding gear, bibs, solid food (from when your baby is six months old) and utensils) cost around $1470/year on average.
How much will you spend on diapers in the first year?
Your baby needs between 6 and 12 diapers each day, possibly more in the early weeks. The American Academy of Pediatrics shares that families may spend close to $936 on disposable diapers in the first year (about $18 per week).
How much should you save per month for your child?
For a child born this year, that is the equivalent of saving $250 a month from birth for a child who will enroll in an in-state 4-year public college, $450 a month for a child who will enroll in an out-of-state 4-year public college, and $550 a month for a child who will enroll in a 4-year private college.
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