Babies—kids in general—are expensive. With all of the “stuff” you’re going to need for your little one, plus additional baby expenses, you may feel like you’re spending money faster than you’re earning it! Budgeting for a baby is a good step to take whether you’re pregnant, planning, or even if your baby recently arrived.
Predict your spending
- Determine how much of your money is required for mandatory expenses, such as rent/mortgage, groceries, utility bills, credit and loan payments, etc.
- After everything you need to pay is taken care of, how much money do you have left over? Much of this money may be going to your new baby!
Predict baby expenses
Estimate your one-time and recurring baby costs. Click here to calculate first-year expenses.
Examples of one-time costs:
- Medical bills from prenatal appointments, delivery and hospital stay—baby will have bills, too!
- Purchasing baby gear, setting up nursery, etc.
Examples of ongoing costs:
- Diapers/wipes
- Formula (if not nursing)
- Childcare (if needed)
- Toiletries
- Medicine
- Clothes
Try these tips to help you save more money
Track your expenses. Write down what you’re spending and where you’re spending it to help identify problematic areas as well as opportunities to improve.
Curtail your discretionary spending where you can for a little extra cash. For example, if you buy lunch every day at work, pack your own to save money.
Save where you can. Identify areas where you can save money such as at the grocery store, avoiding impulse buys, or switching to store brand products.
Look for sales, promotions and/or coupons for baby stuff! It is easy to find coupons for diapers and wipes. Many diaper companies have their own rewards programs, too. Check store circulars for the best prices.
Don’t turn down free diapers. Even if they’re not the brand you choose, using those means you have to buy less!
Graciously accept hand-me-downs. Babies go through a lot of clothes quickly. Hand-me-downs definitely come in handy and reduce the amount you’re spending on clothes.
For Health Advocate members
If you are a Health Advocate member with access to our EAP+Work/Life service, call us! We can connect you with financial experts to help you ease debt, build good credit and maintain financial wellness.
