You might already know the baby names you like, or what prenatal vitamin you’ll take, the color you want to paint your baby’s room, or what preschool you’d like them to go to- you might even know what you want your baby to do for a living! Unfortunately, one thing too many couples forget to consider before getting pregnant is finances.
Costs and finances to anticipate when having a baby
Even though you may not be pregnant yet, it’s never too early to start thinking about budgeting for a baby. Here are some extra costs you might be faced with along the way:
- …when trying to conceive: Women who are trying to conceive need certain supplies to help track their data, and speed up their time to pregnancy. Basal body thermometers, ovulation test strips, pregnancy tests, and fertility-boosting vitamins that contain folic acid are all essentials if you want to take charge of your conception. Buying these products together is one way to save money on supplies.
- …when pregnant: Women who are pregnant may be hit with a variety of unexpected expenses, from medical costs to tubs of ice cream. You’ll also need to put the baby’s crib and room together, and baby-proof your house before your child’s arrival.
- …when your baby comes home: Beyond basic living things like the baby’s bedroom, there are a ton of other expenses you’ll be faced with after your baby is born. Hospital bills can be expensive, even after insurance, as can setting up your home for your baby. You’ll also want to figure out whether you want to open a trust fund, or college savings account for your child, and if you need to make any adjustments to your health insurance.
Having and raising a baby is very time-consuming, and can be really expensive. It’s always good to make a list of exactly what the baby will need, and how much it will cost. Your baby will be able to get a job when he or she turns 14, bet you can’t wait!