Wednesday, March 6, 2013

Can You Afford A Newborn?

Written by Meaghan Maess, Buffalo State College student and communications intern at Catholic Health

Before you get pregnant, ask yourself if you and your spouse are able to support a baby financially. Experts recommend saving $5,000 to $10,000 for expenses and financial emergencies such as loss of a job.

To help you estimate the impact of a baby on your finances, we’ve tallied up the costs of basic items that you’ll need to care for your newborn. Keep in mind that these figures are estimates and don’t include the cost of labor and delivery or follow-up visits with your pediatrician.

One-time Expenses

  • $2,921 if breastfeeding

Note that if you’re breastfeeding and staying at home with your baby, you may opt for a hand breast pump, which is around $20 ($165 less than the pump included in this estimate).
  • $2,606 not breastfeeding

CategoryItemItem CostSourceCost
BeddingBassinet or Co-sleeper sheets (2)$8.99 Babies 'R Us$17.98
BeddingReceiving Blankets - 5 pk.$12.99 Babies 'R Us$12.99
BeddingSwaddling Blankets - 3 pk. (3)$24.99 Babies 'R Us$74.97
BeddingCrib Sheet (2)$5.98 Babies 'R Us$11.96
BreastfeedingNursing Bra (4)$17.50 Babies 'R Us$70.00
BreastfeedingLanolin cream - 1.41 oz $9.99 Wegmans$9.99
BreastfeedingTravel Nursing Pillow$49.99 Baby's Sweet Beginnings$49.99
BreastfeedingBreast Pumps$185.00 Baby's Sweet Beginnings$185.00
ClothingAnti-Scratching Mittens - 3 pk.$4.99 Babies 'R Us$4.99
ClothingBaby Hats (5)$6.98 Babies 'R Us$34.90
FeedingBottles - 3pk. (4)$3.49 Wegmans$13.96
FeedingNipple Brush for Bottle$2.49 Wegmans$2.49
FeedingBibs (10)$1.98 Babies 'R Us$19.80
FeedingBurp Cloths - 3 pk. (5)$5.99 Babies 'R Us$29.95
FurnitureCrib$186.99 Babies 'R Us$186.99
FurnitureCrib Mattress$139.99 Babies 'R Us$139.99
FurnitureCrib Mattress Protector Liner$14.99 Babies 'R Us$14.99
FurnitureBassinet or Co-sleeper$149.99 Babies 'R Us$149.99
FurnitureChanging Table$179.99 Babies 'R Us$179.99
FurnitureChanging Table Pad$17.98 Babies 'R Us$17.98
FurnitureChanging Table Pad Cover (2)$11.98 Babies 'R Us$23.96
FurnitureHigh Chair$152.99 Babies 'R Us$152.99
FurnitureDresser$319.99 Babies 'R Us$319.99
HealthAdvil Infant Fever$4.99 Wegmans$4.99
HealthBaby Orajel gel $4.99 Wegmans$4.99
HealthTeether (2)$6.99 Wegmans$13.98
HealthThermometer$15.00 Babies 'R Us$15.00
HygeineBaby Bather$19.99 Babies 'R Us$19.99
HygeineDiaper rash ointment - 4 oz$4.99 Wegmans$4.99
HygeineDiaper Pail $19.99 Babies 'R Us$19.99
HygeineAquaphor Skin Ointment - 3 oz$6.99 Wegmans$6.99
HygeineWashcloth - 8 pk.$5.99 Babies 'R Us$5.99
HygeineTowel - 2 pk. (3)$9.99 Babies 'R Us$29.97
Misc.Pack-and-play$169.99 Babies 'R Us$169.99
Misc.Infant Ear Syringe$2.99 Wegmans$2.99
Misc.Swing$90.08 Babies 'R Us$90.08
Misc.Pacifiers - 2 ct. (3)$3.99 Wegmans$11.97
Misc.Baby Monitor (Audio)$59.99 Babies 'R Us$59.99
Misc.Gym$39.99 Babies 'R Us$39.99
Misc. Crib Mobile or Musical Soother $49.99 Babies 'R Us$49.99
Misc. Bumbo Seat $44.99 Babies 'R Us$44.99
ToyRattle$3.99 Babies 'R Us$3.99
ToyKeys$5.99 Babies 'R Us$5.99
ToyPlush$9.99 Babies 'R Us$9.99
ToyBouncy Seat$59.99 Babies 'R Us$59.99
ToyBlocks $9.99 Babies 'R Us$9.99
TravelStroller$179.99 Babies 'R Us$179.99
TravelCar Seat (2)$118.99 Babies 'R Us$237.98
TravelDiaper Bag$31.99 Babies 'R Us$31.99
TravelBaby Carrier$59.00 Baby's Sweet Beginnings$59.00

Monthly Expenses

Your monthly expenses depend to a large extent on daycare. The choice of breastfeeding vs. formula also affects your monthly cost.
  • Breastfeeding with daycare: $1,255
  • Breastfeeding without daycare: $375
If you’re a stay-at-home mom and are breastfeeding, your total will be a little less, as you won't need to buy as many storage bags and bottles.
  • Formula with daycare: $1,384
  • Formula without daycare: $504

See the breakdown below:

CategoryItemItem CostSourceCost/Month
BreastfeedingBreastmilk storage bags - 25 ct. (2)$5.99 Wegmans$11.98
BreastfeedingNursing Pads - 60 ct. $4.79 Wegmans$4.79
ChildCareDay Care$220 Creative Play Learning Center$880.00
ClothingBody Suits - 4 pk. (2, every 2 months)$8.99 Babies 'R Us$8.99
ClothingSocks - 6 pk. (2, every 2 months)$5.99 Babies 'R Us$5.99
ClothingOuterwear (every 2 months)$16.98 Babies 'R Us$8.49
ClothingBaby Pants/Shirts Outfits (8, every 2 months)$14.98 Babies 'R Us$59.92
FeedingFormula - 90 fl oz (2) $16.99 Wegmans$135.92
HygeineVaseline - 3.75 oz (7)$1.99 Wegmans$55.72
HygeineDiapers - 31 ct. (3)$8.99 Wegmans$107.88
HygeineWipes - 72 ct. (4)$1.99 Wegmans$31.84
HygeineAll natural Laundry Detergent - 33 loads$8.49 Wegmans$8.49
HygeineDiaper Pail Liner Refills - 32 pk. (2)$19.99 Babies 'R Us$39.98
HygeineBaby Shampoo - 15 fl. Oz.$2.99 Wegmans$2.99
HygeineBaby wash - 28 fl. Oz.$5.29 Wegmans$5.29
HygeineBaby oil - 14 fl. Oz.$2.99 Wegmans$2.99
HygeineBaby Lotion - 3 oz. (2)$6.99 Wegmans$13.98
Misc.Prenatal Vitamins - 90 ct. (every 3 months)$9.99 Wegmans$3.33
Misc.Books (every 3 months)$7.99 Babies 'R Us$2.66

Grand Total

Cost for First Month12-month Cost
With daycare$4,176 $17,985
Without daycare$3,296 $7,425
With daycare$3,990 $19,215
Without daycare$3,110 $8,655

Forecasted out to 12 months, the cost of formula surpasses the cost of breastfeeding by over $1,000. Not to mention, breastfeeding is healthier for your baby, results in a faster recovery for mom and gets you back to your pre-baby weight sooner (See 5 Reasons Why You Should Breastfeed).

If these numbers seem high, remember that baby showers and shopping for used furniture and clothing can help to offset costs.

Other Considerations

Besides saving money, there are several things you should do to make sure your finances are in order before pregnancy.

Review Insurance Plans

Some health insurance plans charge additional fees for adding another person to the plan. Check with your provider to see what their policies are and what is covered. Also, make sure that you have adequate life and disability insurance to make sure your family will be provided for in case the unthinkable happens.

Make a Plan for Employment

The Family and Medical Leave Act guarantees new parents their jobs and health insurance for 12 weeks during unpaid leave. Check with your employer about their maternity or paternity policies and see if they have any added benefits.

If you or your spouse is considering staying home to care for the newborn permanently, decide if your family can afford to live on one income.

1 comment:

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