![]() Finally, enter the final values into the baby budget template. Then multiply each expense by the times per month you’ll incur them and find your total in each category. Step 2: Baby Budget Planning Worksheet: Using this worksheet, compile estimated expenses for your first year of parenthood and log them as a one-time expense.Add the needs directly into your budget template and include a set amount of nice to haves each month with any remaining disposable income. Step 1: One-Time Costs Checklist: Fill out the one-time expenses indicating “needs” and “nice to haves” for your baby.Those values create a comprehensive plan in the final template that allows room to make adjustments as you realize additional expenses and income month over month. These step-by-step templates break down the budget by necessities and nice-to-haves. How to Use Baby Budget Templatesĭeveloping a personalized budget for your baby can be a complex process. Refer to your insurance policy for specific policies. Understanding your deductible, out of pocket maximum, and coinsurance coverage can help you manage your expectations. While the cost varies significantly between states, the Health Care Cost Institute estimates the average price tags range from $8,361 in Arkansas to $19,771 in New York.Ĭonsider the below example of pre-birth baby expenses including delivery:Įstimated Pre-Birth Baby Expenses Exampleĭelivery costs can vary widely, and oftentimes, complications can raise the overall bill. The largest expense for a baby’s first year is the delivery. In the last trimester, practice living on a single income or a lesser income than your current household earnings to get used to an inevitably smaller budget. ![]() Live on less: The earlier you start living with a tighter budget, the more prepared you’ll be when your baby is born.Before and during your pregnancy, adjust your savings goals to prioritize paying off debt first, then moving towards creating emergency savings, and finally, starting college and retirement savings accounts. Prioritize financial goals: Consider your financial priorities if it isn’t realistic to allocate money to every savings account each month. ![]() Typically, three to six months is standard for this type of fund, but even starting with a small sum of money and building with every paycheck will help you in the long run. ![]() Create an emergency fund: As you start budgeting for your baby, set aside money for emergencies.To best prepare for the unknown, consider the following best practices: While there are some consistent ongoing costs you can expect like food and diapers, you’ll often encounter emergencies that you hadn’t anticipated. Learning how to start saving money for a baby includes building a budget with priorities, sticking to that budget, and anticipating unexpected expenses. All in all, The USDA estimates that a middle income family can expect to pay $12,980 during a baby’s first year of life. That price does not include the cost of prenatal and wellness visits before delivery, and the first full year of your baby’s life. Use the checklist, worksheet, and baby budget templates to help understand how much a baby costs per month and how much you’ll need from savings or a personal loan to comfortably position your family for financial success when the baby arrives.Īveraging the cost of delivery across the most expensive and least expensive states, hospital bills for having a baby are a median $14,066, according to the Health Care Cost Institute. Each section, broken up by trimesters, includes a printable to help you manage your expectations and prep for your little one. In this post, we break down the most important financial considerations to think about during your nine-month pregnancy. From routine check-ups and building a nursery to creating a baby budget and starting a college fund - there will be a time that you seek answers to help you prepare. Whether you’ve been planning for your pregnancy or not, the nine months leading up to delivery is an undeniably stressful time.
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