You’ve registered for all the essentials, had a spectacular baby shower, and stocked a closet full of diapers. But as the bills start coming in, you realize having a baby comes at a higher price than you thought. Here are some costs that might be higher than you’d expected:
- Home improvement: Creating a safe and welcoming space for a new baby means changing and reimagining your home. You might need to turn a room, such as a home office, into a nursery or rearrange the space you have to make room for your growing family. Some changes can be simple and easy, like installing basic safety equipment such as outlet covers, cabinet latches, and baby gates. However, other changes may require you to invest some of your budget to ensure your little one has a comfortable, cozy, safe space.
- Medical expenses: Be sure to check with your insurance provider to see what your plan covers for both your birth and your baby’s first year. Although preventative care for babies is usually covered (things like well visits and vaccines), costs for sick visits can really add up, and children usually have their own deductible.
- Unpaid leave: You might transition into a single-income family after delivery, depending on where you live, your company’s policy and your own comfort with taking time off. You may be surprised to find benefits only cover a small percentage of your typical income or that you have more paid options than you expected! Explore all of your choices for medical leave, any state-sponsored benefits, use of vacation time and unpaid options. This allows you to plan ahead and save.
- Feeding expenses: You’d think breastfeeding would be the one free item on Baby’s list of needs, but your time is worth money! And if you’re not around to nurse, you’ll need a breast pump, bottles, milk storage bags, and/or formula.
- Childcare: If you go back to work or just want a one-on-one date night with your partner, you’ll probably need to pay a babysitter or childcare program to watch after your little one. Do you know what the going rate is in your area? Don’t get caught imagining it’s what your neighbor pays her daycare or the same as when you babysat in high school. This will be an ongoing expense that requires some serious budgeting.
Reviewed by the Ovia Health Clinical Team
