Cost of Having a Baby

Financial situation often influences the decision to start a family. No matter how desperately you wish to have a child, there is no point in bringing one into this world, if you cannot provide for her. Today's young parents like to be in a comfortable financial situation when they are about to welcome their little bundle of joy. They meticulously plan their lives so that by the time they are ready for a baby, they have enough cash at hand. If you already have a baby, you sure must be aware that having a baby is an expensive affair. Those of you intending to have one, should continue reading.

Pregnancy and Prenatal Care

The cost calculation begins from the decision to have a baby itself! You two should consider getting a thorough examination of your reproductive health as a first step towards healthy pregnancy. Some couples may have to undergo some fertility treatments, which do not come cheap. Even if you assume that you conceive effortlessly, you will still have to incur many other expenses. These typically include, various blood tests during pregnancy, ultrasounds or any other specialized tests which your doctor may suggest. Each of these tests may cost you anywhere between $30 to $200. Besides, you will be required to take several prenatal vitamins, supplements, etc. which may add to your pregnancy cost. Most of these prenatal care expenses will not be covered under insurance.

Childbirth

Childbirth can be the most substantial expense of having a baby, if you decide to give birth at a hospital. Expenses of having a baby in hospital, for a normal vaginal delivery is $5000 - $10,000. If you are required to undergo a C-section, expect to add at least $2,000 to the above cost. The cost will increase sharply if you are required to stay in hospital for additional time. Similarly, if your baby is born premature or if she needs medical care at birth itself, be prepared to spend thousands of dollars in baby care. The cost for neonatal care may range anywhere between $5,000 - $200,000. Even those who decide to have an unassisted birth or birth at home, will have to pay towards certain basic medical amenities. Expenses of having a baby at home will primarily include the fees of the midwife or nurse.

Child Care

The actual expenses of raising a child begin after a child is born and continue until she is into her late teens. If the expense of giving birth to a child did not overwhelm you, the cost of childcare sure will. Child care includes an array of expenses such as baby food or formula, diapers, immunizations, medicines, baby clothes and numerous other things. All these baby products may cost you anywhere between $1,300 - $2,000 per month. Add to that the cost of nanny or a child care provider. Day care centers only admit babies that are 3 months or older. A day care may cost you anywhere between $170 - $300, a week. If you have a family member to look over your child, you can deduct this expense. However, financial losses may come in the form of loss of income from one partner if he/she decides to care for the child full-time. The cost of raising a child will go on increasing exponentially thereon. By the time your child is 18 years of age, you will have spent a whopping quarter million dollars on her!

Generally, it is said that cost of raising a baby is maximum in the first year. However, this is far from truth as studies and surveys have revealed that the cost increases according to the age of children. Babies are cheaper to raise, than teenagers or older kids who are demanding in their own ways!