Welcome to parenthood! Your new bundle of joy will brighten your days and make life have so much meaning! It truly is a new chapter that will alter your life forever. But, how are your pockets doing?
Everyone discloses the typical expenses of a new child – the diapers, the food, even the new fancy monitor that you’ve prepared for. What about the unexpected expenses? When you enter parenthood, mothers especially, your body goes through changes both emotionally and physically. These changes may take a toll on your finances as well. Most expenses that you are told about ahead of time, revolve around the baby, but in reality there are many new expenses that mom and dad may have as well. Some, if not all moms, may go up or down (shocker to some!) in clothing sizes. Your appetite may have fluctuated throughout the duration of your pregnancy and now your “mommy snapback” may take more time and money than you bargained for! Another factor that you may have to consider is therapy. Postpartum depression is real and it is important that new moms recognize this and tackle it head on. Therapy can help with this, but it may not be covered by your insurance. This can create a new weekly or monthly expense. All this goes to say, it is important to have a “mommy/daddy fund” to ensure that there’s money to take care of the “new you”. You can never be too prepared!
Medical Bills
A huge financial issue that I did not expect, even with great insurance, were the medical bills! Being a first-time mom, I did not go through what my labor and delivery expenses would look like before having a baby. This is super important to go through with your insurance company to ensure there are no surprises and know what to prepare for prior to actually delivering your baby! Another important cost to consider, especially if you don’t have insurance are your baby’s doctor visits. They visit the doctor very frequently and those expenses can add up quickly!
Childcare
Another important topic that I feel people prepare you for, but they do not discuss the actual costs is childcare! You know it’s going to be expensive, but how expensive are we talking? Depending on the area you live in, you can be paying an average of $1,000 a month for childcare. This is something that many people feel they are prepared for, but don’t realize the actual costs or do any research prior to having a child.
Extra Curricular Activities
Let’s talk about the extra curricular activities! Babies want to have fun too! Whether it be a Mommy & Me class or swimming lessons, kids add up! I often laugh because I used to think kids were so inexpensive to take on trips, their ticket prices are normally cheaper or even better, they’re free! But what about those things that cost? The average cost of monthly group swimming lessons is $125 to $250 depending on your area! Mommy & me classes? This is an average of $50 per session. These activities get you moving and create some sort of routine for your child. While they are not vital factors, they implement good structure in your lives!
Child’s Savings Accounts
Last but not least, the savings accounts! I think this is so important to talk about because establishing a savings account for your baby allows for them to have some financial security in the future! You can set an increment that works for you monthly and by the time they’re eighteen, they’ll (hopefully) be more financially fit than you are!
The most important thing to recognize is that the cost of babies are not simply diapers, food, and clothes. You may have to invest in a new you and that’s okay. It is vital to go through all the “financial surprises” that may occur after you have a baby when preparing for their arrival. I know it’s scary, but I promise they are so worth it. There is nothing like having a bestie on your side that you love more than life itself!
