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Budgeting
Coming up with a budget, or at least the changes to your budget after having kids, can be a challenge. As a new parent, you can expect to spend a lot more than you are used to, so before planning to have children, you will want to ensure that you are earning more than you are spending.
Here are some expenses that you can expect as a new parent:
Diapers - This is not an easy cost to estimate, as the number of diapers can vary depending on diet and illnesses. Also, more diapers will be needed if they are leaky. We went with Pampers because they don’t leak. Other diapers, specifically the generics, seemed to leak frequently. This causes more clothes to be ruined and more laundry to be needed. We estimate diapers to cost roughly $.20 each and that you might need around 10 per day. This would be about $60 per month.
Formula – The formula we purchased cost about $1 per ounce for the powder. 180 oz of formula prepared cost about $20-25 dollars. We were able to get more discounts before we had to switch to soy milk. At around 30 oz per day, you’ll need about one can a week. This is $80 – 100 per month.
Food – Once the baby is on food, the containers we buy are about $.50 each. At a dollar a day, this is an additional $30 per month.
Daycare – In our area, infant care is around $200 per week, but we live in an area of low cost of living. This expense would be approximately $800-$1000 per month. If you found a relative or friend to watch your child, it would probably be cheaper.
Clothing / Toys / Bibs / Bottles / Furniture / Strollers – This cost can vary considerably, as you’ll probably receive some of these items as gifts. We didn’t buy many of these items, as we used pre-used items in these categories and the gifts we received. Potentially, you can spend a lot or very little depending on your choice.
Dining out / Entertainment Expenses – This cost has gone down for us because we have had less time to go out as parents then as pre-parents and we also want to spend time with our son on the weekends.
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