Setting A Budget For Baby’s First Year

There are so many costs the first year you have a baby. Its hard for first time parents because you have no idea how much things are going to cost. Raising a child to 18 is estimated to cost between $125,000-$250,000, and thats not including college tuition. How much of that is in the first year, I’ll let you know. Here are the main expense’s you are going to incur the first year of a baby’s life. This should help you prepare a budget for baby’s first year.

Diapers– This is probably one of the biggest expenses of the first year, and this is an expense you can’t get around. You can expect to use about 7-8 diapers a day especially at first. Which means you will be spending about $75- $100 a month on diapers. If you use cloth diapers the cost might go down slightly. But you have to consider the price of a diaper service or washing them yourself, so you won’t actually save that much money.
So for the Year it will be about $900 – $1200.

Wipes– These go along with diapers, its something you are going to definitely need. You can expect to spend about $15-$20 dollars a month.
So for the first year it will be about $180- $240

Clothes- Babies go through a lot of cloths, you can always save money if you choose to buy second hand clothes.
For the first year it will cost between $500-$1200

Formula or breast feeding supply’s– If you feed your baby formula you will also need to include the price of bottles and other small accessories. Breast feeding is completely free, but there a quite a few accessories that will make it a lot easier, such as a nursing pillow, a nursing bra, a few nursing shirts. You can get a nursing pillow for around $30. You can get some nursing shirts, and a a couple nursing bras for around $150.
Formula feeding will cost between $2000-$3000
Breast Feeding (remember this is an optional cost) about $200

Car Seat & stroller— You have to have a car seat, while you might not technically need a stroller you will probably want one. Also many infant car seats can come as a travel system which makes life so much easier.
The Cost will be between $50- $300

Crib— This can vary greatly in price depending on your budget, and how picky you are. Even if you don’t get a crib you will need a cradle or a co-sleeper for your bed. You will also need sheets and bedding for the crib.
The cost will be between $200- $800

Baby furniture— Its nice to have a changing table, and a baby dresser. These aren’t necessary items, but they are things you will probably want to get.
The cost will be between $500- $1000

Child Care— If you go back to work right away you will need to figure in the cost of child care. It will cost between $200- $500 a week for full time child care.
The Cost will be between $10,000 – $ 26,000

Toys and things–The only toys your baby actually needs in you, you can make your baby happy and keep her entertained. But everyone likes to have some of these other items such as a bouncer, a jumper, a play-mat, a mobile, rattles, board books, a swing, and lots of other things.
You can expect to spend about $50- $500

Miscellaneous baby care items — You will need lots of little things like bibs, baby monitors, diaper pail, diaper bag, first aid supply’s, thermometer, and many other things.
About $100 – unlimited

So the cost of Baby’s first year can be anywhere from $2,300 – $35,000
Its such a big range in price because so much has to do with the exact things you plan on buying. Raising a baby the first year can be very costly, you need to make sure you take the time to budget the costs of baby’s first year.

There are lots of ways to save money and cut these costs down. You can shop for a lot of clothes and toys at garage sales or second hand stores. Just remember you never want to buy a second hand car seat. Anything you buy second hand you should make sure doesn’t have any recalls and make sure it is safe for your baby. You can also set up clothes and toy swaps with friends. Be sure to always look for things on sale.

Raising children can be expensive especially the first year, but it is a cost that is very worth worth it.