How much money do you REALLY need to have a baby?

Question

How much money would you suggest someone have before they start trying for a baby? What should you have saved up? How much would you suggest they make a year? For reference, we live in the Midwest in a pretty inexpensive city. I'd say average rent is probably about 800-1000 a month for a decent sized place with at least 2 or 3 bedrooms. I know it depends on different factors like whether you use formula, cloth diapers, child care, and all that. So just from your own experience what would you ball park it as?

Answer

Our hospital bills after insurance were about $5000 for an uncomplicated vaginal birth. If you don’t get paid maternity leave you’d need to save up for that as well. We live in the Midwest as well and daycare at a center is about $260/week for an infant. When we lived in a more rural town we paid $125/week. Combined we make about 75k/year and money is pretty tight.

Answer

After reading your comments I am happy that I live in the UK. Giving birth is free here...

Answer

We spent about $4k on hospital and doctors, for prenatal care, vaginal delivery and basic newborn care. We spent about $3k on baby gear, including the nursery furniture, car seat, stroller, some clothes, baby bath tub, carrier, toiletries, linens, etc. We were lucky and received a ton of clothes and gear at our baby shower, but still ended up buying a lot. I am breastfeeding, so we don’t need to buy formula, but I still spend money on breastfeeding supplies like nipple cream, breastmilk storage bags, nursing bras and tanks, replacement pump parts, etc. So far we have gone through 6 boxes of diapers in 2.5 months, so about $50 worth of diapers a month. We will be putting him in daycare 3 days a week and will be paying at least $1k a month. Adding baby to my employer provided health insurance plan was an extra $200 a month. In the first year alone we will probably end up spending more than $18k.

Answer

We spend about $60 a month on diapers. Thats really the main ongoing expense if we didnt have grandparents and family buying her clothes all the time I would say a years worth of clothes has been around $300? 
Your main cost will be delivery, and of course you should consider if you or your partner will be taking time off that wont be paid for after the baby is here. 
Also there is childcare to consider if you don't have a stay at home parent or family caregiver

Answer

I would say this is a hard question to answer. There is no exact guideline. A decent, new, car seat will run you $200. A crib $100-$200. Bed $50-100. Prob spend $50-$75 a month on diapers and wipes. Or $200-$300 on a decent set of cloth diapers. EST. $50-$100 a month on clothes. Maybe $100 on bottles. $45-$60 a month on formula if one goes that route. 
If you have a baby shower family tend to buy a lot of clothing and diapers. Infants don’t necessarily need toys till around 4months old. 
Extras would be like a bouncer to set baby in $30-$50 
Tummy time mat $20-$40
Diaper bag $30-$100
As far as saving money for things it would just depend on how much you receive and still need.

Answer

Well, so far in August I’ve spent over $80 for diapers and wipes because he goes through about 13 diapers a day. I stay at home and breastfeed so I don’t spend as much as mothers who need formular and go to Day care would use. But without rent or anything, just diapers and wipes and occasionally new socks or a onesie or whatever, I bet we spend $100-$120 a month on just baby. 
You also will beed to consider costs for you as a Mom monthly. For example every month, I have had to buy nursing pads (to help stop milk leakage), milk storage bags for when I pump, etc. And that’s another $50 or so dollars. 
Also may want to consider doctors appointments, as you will have one every month to two months after baby is born. (Our doctor had us come in for a 3 day checkup, 2 months checkup, 4, 6,8, and year checkup). I also had a postpartum checkup. 
Before we had baby we saved $5,000 and it’s helped a bunch. Baby is a year and we’ve already used it all.

Answer

I don’t think I’ll be much help estimating bc I’m too busy crying at my $1950/month+utilities 1 bedroom apartment in the city.
At the VERY least I would have three months rent, groceries, etc all stacked away and not needed to be touched at all to pay for baby. Then have some money set aside for however long you’d like parental leave to be. Then consider if people will throw you a shower and get you gifts or not- because that can be a few thousand either way.
Look into your health insurance and see what they cover, then call the local hospitals for estimates. Then remember it’s possible to have a complicated birth or pregnancy, so it could be much more than that number they quote.

Answer

We are estimating about 5-7k for delivery and hospital bills (whatever is left after insurance) and about $900-1000 a month on daycare and baby expenses.

How much money do you REALLY need to have a baby?

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