While Benzinga mostly covers actionable trading ideas and news stories, we've decided to delve a bit deeper into personal finance. The team at Benzinga would like to assist readers with not just their investing endeavors, but their financial lives as a whole. And today, we continue this effort with determining whether you're financially prepared for a baby.
Taking care of a virtually helpless human is difficult enough. However, financing the little tyke's every need has become increasingly difficult in these lean (albeit improving) economic times.
Are you financially prepared for a baby? Let's discuss some of the costs you'll face.
Prenatal Care
If you have health insurance, most prenatal expenses should be covered. However, if you're roughing it without insurance,WebMD notes you'll pay around $2,000 for prenatal care.
At this point, make every effort to get health insurance if you do not have it. If you cannot afford or qualify for private insurance, contact your state for additional options. For example, the Illinois Moms & Babies program covers inpatient and outpatient health services during and for two months after pregnancy for qualifying mothers.
The Big Day
The delivery is typically the highest fixed cost of having a baby. While costs vary considerably from hospital to hospital, a 2009 story in the Wall Street Journal pinged them at $36,625 for three days.
Typically, your insurance plan will cover most related costs. Still, you could easily pay several thousand dollars depending on your level of coverage.
Related: 3-D Printer Used to Create Airway Tube for Baby with Birth Defect -AP
The Basics
Basic supplies your baby will need – and a ballpark minimum for each - include the following:
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- Car seat - $50
- Clothes – varies by item
- Crib - $100
- Diapers - $700 during first year
- Formula/Food - $1,700 for first year
- Education: tuition, supplies, etc.
- Additional housing: another bathroom, bedroom, etc. to accommodate your growing child
- Transportation: bus fares to school, car, etc.
- Ongoing healthcare
- Gifts: birthdays, graduations, holidays
- Breastfeeding to save on formula expenses
- Sharing baby clothes and supplies with other parents
- Purchasing a used crib, stroller and other typically costly items
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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