Budgeting for a New Baby – Childcare Expenses, Time Off of Work, and Health Care


It is always exciting to find out that a new baby is on the way, and it is, in fact, one of the most incredible moments in life. However, as most of us know, it isn’t all fun and games, and there is a lot of preparation that needs to be put into place before the true excitement can begin. There are a lot of steps you can take before your little one is born that will help you out tremendously in the short and long term, even if this isn’t your first time through the process. If you are a first-time parent, one of the best things you can do is seek out the advice of your friends and family. They have been through it all before, and you can give you a good run-down of what you will need, emotionally and financially.

Once you have a basic guideline of the things you are going to need such as a crib, blankets, clothes and medical care, you will want to get a little more detailed. It is a good idea to to make sure you check out reviews before you settle on investments such as a crib or car seat. Finance isn’t always just about your monthly budget or your portfolio, and often has a lot to do with smart decisions and well thought out purchases.

However, brainstorming, purchasing, and budgeting for those items is just the first step. You will also want to account for childcare expenses, time off of work, and health care. If you plan on using a babysitter or childcare facility during your working hours, then you will want to make sure you ask trusted friends or family members for recommendations. Talk to them about the experiences they had with their children, how much this costs, and who they suggest you use for these services.

When it comes to health care costs, you will want to find out what your deductibles are going to be and how much your monthly premium is going to increase. Children also require quite a few check-ups at the doctor from the time they are born until they are about two years old. A lot of health insurance providers will provide these check-ups for free because they are preventative medicine. However, you will need to ask questions to your provider and find out what exactly they do provide.

Planning your Baby Budget Monthly

Once you have a general guideline on how much your costs are going to be you can then add them into your monthly budget. If you are a working parent make sure you account for the possibility of missing work because, unfortunately, kids tend to get sick a lot. Perhaps, you may opt out of child care all together by switching shifts with your partner and work different schedules so that you can both take care of the child. You may also want to consider being a stay at home parent. Childcare costs can be expensive and if you do not have a very high paying job, the trip to work may not end up bringing in that much income. There are a lot of things you can do from your home to earn money if this is the case. So, don’t feel that if you aren’t working outside the home you simply cannot make any income. This is not the case at all. If you have a computer there are a lot of freelance jobs like writing or data entry work and virtual assistant jobs. You can also find out if the job you currently have will allow you to telecommute from home.

No matter how you go about budgeting, planning, or even working, be sure to sit down with your spouse and talk about your options. What do you think would be a good idea for you as a family unit? You will want to discuss what type of lifestyle you will want and how you are going to support that lifestyle. If you do this then you can start making a plan together and build the life that you both want, together.

When most people have kids a lot of them, don’t sit down and discuss the import issues like this, so if you can do this, you can be a step ahead. Decide what you want and then create a plan for how you will get there. When you have your strategy figured out it is time to start implementing the steps to make it happen so that your family’s future is secure, safe, and happy.

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