How much do infants cost every month, I have a $2500 budget?

Question

My wife and I are in our mid 20's and are planning our first baby.

We have $2500 left over every month for a baby after everything is paid for. (Our house mortgage and cars will be paid off BEFORE the baby is born.)

How much will a baby actually cost us monthy?

My wife is working part time and we will pay her mother $300 a month to watch the baby and clean.

Childcare: $300
Insurance: $0 (No change to my premiums)
Monthy doctor visit: $10 co-pay
Formula: $0 (wife wishes to breastfeed)
Diapers: $?????
Toys: $????

What will we need to pay for?

I am worried about money because I hear that children are SO expensive.

Thanks

Answer 1

Children ARE expensive, trust me I have an 11 yo son and he "needs" everything. Her are some basic costs for where I live(NH).

Childcare...$300per week
Doctor.......$10 co pay(each time you go)with a new baby it is usually weekly.
Formula....$0, unless your wife cannot breast feed and some women cannot.
Diapers....$35 per week.
Toys.........$depends on what u buy
Clothes....$unlimited...they grow out of stuff sooo fast!!
Medicine/prescriptions..$depends on what you buy and how often
There are many more expenses involved, like furniture, swing, car seat, stroller, highchair...etc.

I wish you all the luck in the world!!
Kelley

Answer 2

In your case, it won't cost you too much. You're very fortunate the baby's grandmother will be watching your child. My mom watches my two boys (and does laundry for us--yay mom!) but we pay her $800 per month. This is our largest bill (even more than our rent!) but considering what daycare costs, we're getting a heck of a deal!

If your wife, for some reason, is unable to breastfeed, you'll have the expense of formula. One can (32 oz.) of basic, run-of-the-mill Enfamil, for example, will last about a week (give or take) and costs about $23.00. If your baby needs a hypoallergenic formula (like my older son did when he was an infant) the same size can of Enfamil Nutramigen costs nearly double.

Diapers...eh, it's been a while since I've had a newborn (my younger son is 14 months old now) but if I remember, you'll go through a case of diapers about once every week and a half or two weeks. A case of Pampers or Huggies (size 1) in my area is about $25.00.

Toys--that all depends on how many toys you want to buy the baby. Could be $10 a month, could be $100.

Clothes--they grow REALLY fast at first, so you'll probably spend about $30-$50 per month on clothes (assuming you buy Carters stuff from Target or Wal Mart). If you opt to buy her clothes from Gymboree, Baby Gap, etc. (which I do NOT recommend because it's a complete waste of money imho--she'll wear them once or twice before she outgrows them), you can expect to spend double that, at least.

Answer 3

I think you have plenty of money.

These are my expenses
Childcare - $250
Insurance - no change in my premiums either
Dr Copay - $10 (count on your baby going to the doctor a few times a months sometimes -- new babies always have something going on)
Diapers - $40
Toys - haven't really bought him any yet
Clothes - still using clothes we got at the baby shower
Formula - we pay about $50 a week (our son has a sensitive tummy and has an expensive formula)

You will want to buy things for your baby just because. If you have a baby shower - you will mostly likely get a lot of things that will last for at least a few months. I think you guys have more than enough money. Having a written down plan is also wise

Good luck

Answer 4

We are a military family where money is always tight, but we wanted a baby while my husband is on shore duty. I am now a stay at home mom with a 6 month old. I have never been more happy in my life. All the comments about waiting until you're older are rubbish...I had my Maddie at 26 and I feel it was the perfect time. You will make due with whatever funds you have. Your life will accomodate this wonderful bundle of love you and your wife make. There is no monetary value to put on things a baby will need, it comes as it comes and you make due. So think from your needs as a couple and go from there. Best wishes to you and your wife.
Oh yes, and Craigslist.com and ebay.com are wonderful places to find baby gear and what nots.

Answer 5

that's plenty of money. Diapers and such for newborns are cheap. At most $20 a week if that. I think they come in 170 count boxes for $30.00. Diaper creams supplies, bottles or what not, maybe another 20 a week. Clothes are cheap also, and free if you throw enough baby showers.

It's childcare that's the big ticket item and you seem to have that accounted for.

I think at $300 for childcare, if you budget double that a month you would have more than enough.

Answer 6

You need to budget yourself, instead of expensive pampers diapers why not look for a cheaper company? If you still havent bought furniture yet , sometimes couples that have grown up children put out cribs and changing tables at garage sales so keep an eye out for those. If you use your money sparingly, and invest in cheaper products , you might have some left over.


Kate -any questions? email me

Answer 7

The expensive part is usually the child care and possible need to add a room to your house. It sounds like you have a pretty cheap child-care arrangement as long as your mother-in-law is willing, and if you already have room in your house or apartment for the baby, then you are in good shape. You need to have a baby shower!! That will get you some nice baby outfits. And see if you can borrow things like car seats, stroller, crib, etc. Babies don't need a lot of toys at first. Just wait til they get older, though, when they start asking for laptop computers, bicycles, video games, cell phones, IPods, new clothes, etc., etc.

Answer 8

Buy all the furniture used, it's crasy to buy it all new because they don't use it for very long. I know, we have 2 children togther. Walmart sells real good diapers, jumbo packs for around $6.00, you'll be going through of those 2 a week, so figure at the most $20 a week in diapers, probably around $30-40 a week in formula, if you choose not to recieve WIC, which anyone can get and you don't need to be on welfare to recieve, they will "give' you all the formula. You'll be fine, your just worrying to much, Daddy! Congratulations!!!!!!!!!

Answer 9

I think that it cost a lot of money to raise a child. I have three of them. When you first have your child you have to buy a lot. You have to purchase your crib possibly a change table, a dresser, a car seat, their clothes, diapers, blankets, night lights, a rocking chair. This is only some of it and then you have to buy new clothes for the mother. If she is going to be breastfeeding you will have to purchase a breast pump, breast pads, nursing bras, nursing shirts, freezer bags to freeze your breast milk so you will have a chance to go out every once in a while. If you don't pump your breast milk so you can have time to yourself you will have to purchase formula and we all know that formula can be very costly. You might have to purchase some breast cream in case the mother gets an infection or her nipples become very raw from the baby not latching on properly.

Answer 10

Diapers- I bought mine at costco for $30 a box and I went through a lot.

Toys- its totaly up to you, but My son is now 3 and I can tell you dont waste too much money, they never play with them. Purchase a few things but dont go crazy.

Start to plan for college now. We told the family and friends to place money in an account we set up for him. So rather then spend lets say $50 for his birthday- they will spend $25 and place the other $25 in an account that will grow. Because like I said they dont play with 1/2 the toys you by them anyway at this age.