[ad_1] The post How Much Does It Cost to Have a Baby? appeared first on Millennial Money. Let’s face it: kids ain’t cheap. One of the hardest things that new parents have to face is planning for the financial responsibility of having and raising a child. This post explores how much money you can expect to fork over by bringing a bundle of joy into the world. Top costs when planning for children Childbirth and prenatal care Baby gear Car seat Clothes Baby food Child care Childbirth and prenatal care The type of birth you have will vary depending on whether you have a vaginal birth, a cesarean section (c-section), a natural birth, or a scheduled induction. According to one study, the average cost of birth with insurance is more than $4,500—including labor and delivery. That number jumps up exponentially if you don’t have insurance Costs can increase with maternity care, medical complications, or extended hospital stays and check-ups. As anyone who’s had kids would tell you firsthand, hospital bills can add up quickly. Baby gear Once the birthing parent and child leave the hospital, the costs can really pile up. Here are some of the top baby costs to expect. Car seat ($50 – $250 or more) A car seat can range from economy models to high-end luxury units. Most car seat models tend to run in the $50 to $250 range. Clothes ($50 per month) Buying clothes can be difficult due to how fast kids grow. It’s common to buy a new set of clothes only for them to last a few weeks. That being the case, it doesn’t make sense to go overboard buying fancy items at first. One strategy is to buy clothes a size or two larger than your child so there are always items on hand if they have a sudden growth spurt. Baby food ($150 to $1,500 or more) Food costs are going to vary depending on whether you breastfeed, chestfeed, or give the child formula for the first year. Breast or chestfeeding costs can include in-home consultation visits and supplies. Parents who require these services are often surprised to learn how much breast or chestfeeding can cost due to the fact that it appears to be the cheaper route. During the first year, children typically stop nursing and start eating regular food, causing food prices to jump even further. Growing children can devour food, and parents need to plan ahead so there’s always enough on hand. Of course, these costs—like all other child care costs—tend to compound when you have multiple children. Child care ($7,000 to $10,000 annually) Oftentimes, parents choose to stay at home with children during their formative months to provide care. However, not everyone has the desire or ability to do this. And even if they do to start, at a certain point, this may become difficult or even impossible. The amount that you spend on childcare will depend on whether the child goes to a dedicated facility for daycare or if other people come to the home to provide care. So how much does it cost to have a baby? Altogether, having a child can run anywhere from $10,000 to $30,000 or more—and that’s just for the first year. Of course, the above list isn’t exhaustive; you’ll also have to spend money on things like toys, baby gear, and changing tables. A few years ago, the U.S. Department of Agriculture (USDA) ran a study estimating that the average cost of raising a single child from birth through age 17 is roughly $233,610. When factoring in figures like inflation and the price of schooling and health care, the cost of raising that child jumps to around $284,570. That’s a lot of money any way you slice it. How to finance childcare If you’re a bit shocked at the total cost of raising a child, then it’s time for a reality check. If you’re going to be a parent, you’d better get used to writing checks. For years. Here’s how to plan for this expensive undertaking. 1. Figure out a budget If you’re not already budgeting, it’s time to learn this critical financial strategy. Your ability to manage money is going to be put to the test when you bring little humans into the world. It’s a good idea to put together a pre-baby and post-delivery budget so you don’t get stuck trying to balance living and baby expenses. Look for areas to cut down on waste during the pregnancy to save money. For help, try a service like You Need a Budget. 2. Reassess your career If possible, think carefully about your career well before having a child. Now is a good time to reassess your priorities in life. Decide if you want to be a full-time parent who takes a step back from work to spend more time at home or if you want to become extra active and driven. Only you and your family can make these decisions. Whatever you choose, make sure to think about the monetary implications of your decision. If you take a step back to stay home with your kids, you may need to find other ways of bringing in income. Side hustle ideas for new parents Here are some quick ways to earn extra bucks from home: Take online surveys with Swagbucks Take an at-home customer service job Become a virtual assistant Help businesses with social media Babysit or pet sit Make items and sell them on Etsy or eBay Learn more: Best Side Hustles for 2021 Best Online Jobs To Make Legit Money How to Live Without a Job 3. Grow your emergency fund Once your cash flow is in order, it’s time to start growing your emergency fund. It’s best to start as early as possible so there’s no shortage of cash when the baby arrives and you can easily absorb delivery costs. Under regular circumstances, it’s best to have at least six months of expenses covered in an
