Surprise, You Owe $$$: 5 Unexpected Costs of Having a Baby
As we touched on in a blog post from last month, having a child is one of life's greatest events, but also one that requires the proper amount of planning. While we gave you some ways to get started if you're thinking about having a child or are already pregnant, there are a few additional costs of having a baby to think about.
Since August is one of the most popular months for childbirths, we at Lincoln Savings Bank figured now was as good a time as any to provide you with some surprise costs (no, it's not twins) to keep in mind in the months leading up to your little miracle.
- The birth itself- unfortunately, childbirth sometimes results in complications that are unforeseen, and can cause emotional, physical and financial stress. Complications and NICU visits can be costly, so be sure to find out what kind of health insurance coverage you have to cover these expenses should they arrive.
- Insurance Co-Pays- from visits to the OB/GYN during pregnancy and your hospital stay during childbirth to the 6-12 times you'll be taking your child to the doctor in their first year, these costs really start to add up. Again, understanding your insurance coverage and knowing your exposure to these costs is important.
- Baby formula- most new parents don't think about this, but the average cost of formula is 25 cents per ounce. So, at 20 ounces a day for one year, you could be getting close to $2,000 spent on formula for your child during their first year.
- Clothing- for both you and your child. While you may get some baby clothes as gifts, babies grow quickly and often grow out of those gifts during the first few months. Additionally, you most likely won't be able to slip right into your pre-pregnancy clothes, so some transitional clothing may be in order.
- Food- for you and the rest of your family. Being a new parent is exhausting work, so you may want to budget a little extra money for take-out to give yourself a break from cooking every night.
While there are a lot of great resources available for expecting parents, you may also want to meet with a Lincoln Savings Bank financial planner. They can help make sure your family is on the best financial path.
If you're expecting a child soon or have just had a child, all of us at Lincoln Savings Bank wish you congratulations and good luck in the future!