Raising a baby seems to be getting more and more expensive as time goes on – and there is some truth to that! However, being a parent and having a family of your own has always been an expensive endeavor. Indeed, the more children you want to bring into the world, the harder it’s going to be to feed and clothe them.
But you don’t have to miss out on your chance to be a parent just because your budget might get a little thin every now and then. Once you know what it’s going to cost, you can approach starting a family in a much more rational and sensible manner; here are the main things you need to know about the cost of having a baby.
Prenatal spending is one of the heftiest uses of a household budget you could ever imagine. You need clothes, equipment, food, and you’ll have to counter a few doctor’s bills along the way too. And if you’re using surrogacy to bring a new life into the world, the process is going to be even more expensive!
You’ve already got a house to raise your child in, but if you recently moved to accommodate them, add this cost to the budget list. You’ll usually have to fork out an extra $300 a month for their room alone. You’ll then need to think about long term food costs; formula to solid food and so on.
To try and save some money, keep things to a minimum here. You don’t need to go wild on the baby’s wardrobe yet, and it’s easy to outfit a nursery with only 3 or 4 items. Crib and changing table are crucial, but you could do away with a rocking chair or wall mural until your budget has built back up.
How the Cost Changes Over the Years
The cost of raising a child all the way to 18 currently stands at over $200,000 in 2022, but how does this cost change over the years? When your baby is newborn, you can spend around $5000 in their first year, but by the time they’re 12, this cost could have tripled in size. It tends to remain that way for the next 3 years, but only if you’re not planning to spend on higher education.
However, if you have another baby during that time, it won’t be anywhere near as expensive to raise them. Your kids can share a room, so you don’t have to pay additional housing costs. You can buy food in bulk, which tends to be more economical in the long run. You can even use the same clothes, equipment, and toys to raise your younger child, preventing you from needing to buy a new toy box or wardrobe.
Raising a family is one of the most worthy but also expensive things you can do! Make sure you’re aware of how the cost is changing and what lies ahead for your budget.