Babies are cute, but they come with a big price tag. According to a US Department of Agriculture report, the average middle-income family spends between $12,000 and $14,000 on child-related expenses each year. For newborns, the cost is higher.
How much does a baby cost per month on average?
Before you make that major life decision, take a careful look at your finances, since you’ll need an average of $1,500 a month in your first year. Babies are life changing, and wonderful, and cute as can be, but for something so small, they sure cost a heck of a lot.
How much should you budget for a baby?
If you’re new to budgeting, we recommend divvying up your income with the 50/30/20 approach: 50% for needs such as household bills, minimum loan payments and expenses such as child care, diapers and formula. 30% for financial wants.
How expensive are babies in the first year?
For newborns, the cost is higher. 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 baby cost 1st year?
Americans often severely underestimate just how much it costs to raise a baby in the first year, and those pregnant or planning to have a baby within the next three years are in for the biggest surprise — 36% think it costs between $1,001 and $5,000 to raise the average U.S. baby during its first year, and 18% think it …
How much is your hospital bill after having a baby?
According to data collected by Fair Health, the average cost of having a vaginal delivery is between $5,000 and $11,000 in most states. The numbers are higher for C-sections, with prices ranging from $7,500 to $14,500.
How much does it cost to have a baby 2021?
The average cost of having a baby varies greatly from state to state. The range for an uncomplicated vaginal delivery is between $5,000 and $11,000. If you require a Cesarean section, the range increases to between $7,500 and $14,500.
How much does it cost to have a baby without insurance?
While maternity expenses for insured moms might seem high, the numbers are far higher if you have no insurance at all. The Truven Report put the uninsured cost of having a baby at anywhere from $30,000 for an uncomplicated vaginal birth to $50,000 for a C-section.
How much are baby wipes monthly?
Depending on the wipes brand and size of packaging non-discounted wipes can cost between $0.02 to $0.06. This means a year’s supply of baby wipes can cost between $160 and $480. A month’s supply is between $13 to $40 a month.
How much should I budget for diapers a month?
Diapers: Diapers also vary in cost, but experts advise that you should budget $75 for monthly diapers. Parents who choose to use disposable diapers should expect to go through as many as 3,000 diapers in their child’s first year alone.
How much do parents spend on diapers?
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).