Baby Costs????

Question

Hello!!! We are now in a phase of life and beginning the journey of BABY!!! So exciting but just curious how much should we save up for this little adventure? Money won’t stop us from having one but I’d really like to know 
Thanks!

Answer

It depends on a lot. 
Do you have reliable insurance? 
Have you looked into how much birth will cost for you and baby separately, with and without insurance?
What’s your ideal way to raise baby? 
Lots of security, money for private school/college, vacations every year, brand name clothes, food and formula....? 
Minimalist with lots of hand-me-downs, generic brand clothes and food, breast feeding or generic formula....?
Do you want to live in an apartment? Condo? Townhome? House? Do you already own where you live? Will you have to relocate for better school systems? 
Personally, my husband and I saved around $3,000 in an account *just* for baby. We had separate accounts for normal bills, two for savings and we do envelope savings as well. 
I suggest saving as much as possible, of course, but don’t let it stop you - you just may have to adjust your expectations

Answer

I think I’m addition to having 6 months of living costs saved at all times an extra 10k emergency fund for baby is important. 
We saved 10k for an emergency baby fund
We have 20k as our 6 month emergency fund
And we have an extra 8k left every month after bills/mortgage so I feel comfortable about the extra cost of having a baby.
That being said, I plan on going very minimal with baby stuff because I hate clutter. I plan on buying few very high quality items and using cloth diapers. It’s really up to you and how you spend.

Answer

As much as possible. Baby turns to toddler, child then teen going to college with a lot of expenses in between. If you save more that you need for just baby then you’ll have some to put towards the future

Answer

Depends on what you want.
I planned to buy most clothes second hand. I also got a crib and a bassinet from brother. I did buy a new carseat. And got gifted a pram by mil. So actually I have calculated, that most of my expenses go on diapers... And that is not at all awful.
Bit if you want the best pram and nicest furniture and special clothes, it might be whole different thing.

Answer

This will be different for everyone and every household. My husband and I saved up three months of cash savings to put away before, as you never know what could happen (and alas, a pandemic!). Since getting pregnant we have been slowly investing in a baby items budget, which of course depending on your choices and financial savviness could cost thousands. There are a ton of blogs that discuss family financial plans and provide more detailed information depending on your region and cost of living, etc. Congrats on expanding your family!

Baby Costs????

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