When a couple gets the life-changing news that they have a baby on the way, so many thoughts race through their heads. Often there’s plenty of excitement and emotion, with hours spent dreaming up potential baby names. And yet somewhere in the mix, there’s also the reality that life with a new baby can be expensive. You are most likely asking yourself how much to budget for a new baby.
Research done by the website Nerdwallet found that the cost of a new baby can be more than $21,000 — and that’s just for the first year.
Many couples may not know where to begin as they try to budget for a new child. The first step is asking what you really need.
If this is your first baby, you’ll need a safe, sturdy crib or bassinet. According to Consumer Reports, prices begin at $100 and rise from there. And you’ll want to have a changing table or another safe space to change the baby’s diaper without straining your back. Many couples also buy a baby monitor, which can range from $15 to $200 or more depending on quality.
It can be a big help to have a baby swing or bouncy seat to keep the baby busy and lull your little one to sleep at naptime. That’s often another $100 investment.
Then there’s the daily expense of diapers. PopSugar quotes an estimate from the National Diaper Bank Network that may surprise new parents: Diapers can cost nearly $1,000 per year.
For leaving home, you’ll also need a car seat. Hospitals won’t let you drive home after delivery unless you have one safely installed. And you won’t want to skimp on safety. Infant seats can range in price from $80 to $500, according to Consumer Reports.
You’ll also need a stroller (and perhaps a soft baby carrier, too), for getting around with your new bundle of joy.
As you budget for a new baby, you might find out that nursing can be inexpensive (though you may need a pump, which can cost about $50 for a good manual model and more for an electric pump, according to BabyList.). But if that isn’t possible, formula costs an average of $1,200 to $1,500 per year, according to SmartAsset.
Then comes baby food or the cost of making your own, and also those adorably tiny onesies and the other clothes your baby will need. (You might save here by asking friends and relatives what they might have: often people are glad to share hand-me-down outfits that their baby has grown out of!)
Buying everything a new baby needs at once can be stressful. And this list doesn’t include the cost of prenatal medical care and the baby’s delivery.
Expecting a child? Looking for a way to make the expenses a bit more manageable? It might be time to look into a personal loan to support your growing family.
At 1st Franklin Financial, we offer personal loans for families because we know what it’s like: We’ve been a family-owned, family-run company ever since our grandfather, Ben F. Cheek, Sr., founded the company 80 years ago.
A 1st Franklin personal loan for the welcoming of a new baby can help cover the expenses around a big moment like this, letting you concentrate on the baby instead of worrying about the cost.
Taking out a loan at a fixed rate means you will know exactly how much you’ll be paying each month — no surprises.
You can reach out and talk with our “Friendly Franklin Folks,” who are happy to sit down to explain exactly how our personal loans work and help you plan the best possible budget for your family’s new addition.
To make it even more convenient, you can begin the application online, and then have a face-to-face conversation with your local 1st Franklin Financial associate to discuss rates and terms, and complete your application.
Three generations of our family have been glad to help families like yours welcome new babies into the world. We are hopeful that these tips will help you budget for a new baby. If you have a little one on the way, congratulations from our family to yours!