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 considerations that might throw you for a loop:
- Home improvement: Whether you’re converting your home office into Baby’s bedroom or renovating to make space for your growing family, you might have to invest a bit to create a comfortable environment for her.
- Medical expenses: You’ll be charged for everything from your epidural to Baby’s vaccinations after delivery, so check with your insurance provider to see what your plan covers.
- Unpaid maternity leave: You might transition into a single-income family after delivery, depending on your company’s policy and your own comfort with taking time off. Start saving before starting a family and talk with a financial planner about your options.
- Feeding expenses: You’d think breastfeeding would be the one free item on Baby’s list of needs, but if you’re not around to nurse, you’ll need a breast pump or formula, and jarred food down the line.
- 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. But don’t forget, you can always reach out to family or friends for some help.