Baby Budget Essay
The arrival of a new baby can be exciting and financially overwhelming because a baby means major expenses for new parents. New parents are generally unaware of the expenditure they will incur in the first year after their baby arrives. Hence, to help you with this, we have come up with a practical list that shows how new parents can prepare themselves financially for the newest addition in their family.
1. Medical expenses
Your medical expenses will include cost of pregnancy, cost of delivery and expenses on your baby for the initial 12 months. Hence, we advise you to review your monthly budget to find out how much you have to keep aside for prenatal care, hospital stay, tests and post-partum care.
2. One-Time expenditures
Start pricing essential nursery such as cribs,
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Clothing
You will have to buy a few set of clothes for your baby that includes: unisex clothes, body suits, hat and mittens, vest, piece set, bandana bibs, sleep suits, winter suits – cardigans, fringe shawls. Estimate the cost and you will be surprised to find it covering a major part of your budget.
7. Toiletries
An average child will use more than 2,700 diapers in the first year alone, which can add up to more 30000 INR in a year. You will also have to buy baby care essentials like baby oil, baby soap, baby powder, moisturizer, baby bubble bath to the list. And do not forget to add cost of nappies, wipes, cotton wool pleats or cotton balls and a changing mattress too.
8. Formula and Food
For the first 6 months, you will not have to spend much on your baby’s food as she should be exclusively breastfed. If you decide to go on paid holidays, you will have to buy a breast pump to store the breastmilk to feed your baby when she is hungry. For some mothers who have difficulty in breastfeeding, factoring-in cost of formula milk is also necessary. After 6 months, your doctor will ask you to start complementary feeding (another addition to the food budget).
9. Doctor's
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