Article: Budget for a New Baby

Budget for a New Baby

It’s hard to believe that someone so tiny can come with such a big price tag. The Agriculture Department estimates that it costs $222,360 to raise a child born in 2009 from birth through age 17—and that doesn’t even include college. 

If you’re thinking about having a baby, you can reduce the cost with a little planning: 

1. Look into your health insurance plan and investigate your total out-of-pocket expenses for hospitalization, prenatal office visits, and pediatrician appointments.
   
2. Get used items like a crib, clothes, and stroller.
   
3. If you have a baby shower, ask for practical items as gifts.
4. Resist the urge to buy the newest and latest items like designer clothing and name-brand accessories.
5. Plan and research the cost of diapers, formula, and other baby items. You may want to get a membership to a discount store to buy in bulk and take advantage of deals.
6. Investigate the cost of day care or one parent staying at home. If you have multiple children, it might be cheaper for one parent to leave work for a while.
7. Look into tax credits for baby.
8. Consider an Advantis Credit Union home equity line of credit if you need to make changes to your home to accommodate your new addition.