How Much Does it Cost to Have a Baby?
My wife and I are first time parents and we are now five months into the “parenting” process. I made it a goal to track all of our child care expenses so I could truly report on the cost of raising a child. I invite all of my readers to follow along our journey as I diligently track all expenses involved in truly raising a child these days in middle class America.
Prior to us having a child I did some research and the consensus was that it costs roughly $14,000 per year to raise a child, which equates to roughly $240,000 (without college). Don’t get me started on how much college will cost for my child…
How Much Does It Cost to Raise a Child?
We are five months in and thus far we have spent $2,227 on my daughter in total. We have lucked out and received a number of hand-me-down clothes and toys, as well as a ton of gifts and gift cards from our baby shower that are still holding us over. Albeit, we’re about out of gift cards now.
Last month I wrote about how we regularly receive baby formula coupons in the mail. We are still getting those coupons, which is great, but we also keep an eye out for deals as well. For example, just a couple weeks ago my wife found baby formula on clearance at Target for only $15! These were 42 oz tubs, which is massive, and they were marked down to only $15 each. And they don’t expire until 2020, so nothing to worry about there. Deals like this are always out there, whether its for baby formula, food, toys, or clothing, you can find baby items at massive discounts if you just shop correctly.
Our little girl is still growing slowly and at 5-month’s old is still in newborn diapers, so we actually had to go buy even more newborn diapers from Target ($40) to hold us over until she reaches size 1 diapers. She’s getting closer…hopefully by 6-months old she is finally in size 1.
We use a part-time nanny to watch our daughter two days a week. We consider ourselves very lucky though, as we have a nanny who comes to our house twice a week, a nanny our daughter loves, who really doesn’t costs us that much.
My wife is off two days during the week and then a family member watches her another day, so we only need to “pay” for two days of child care. We are three months in to paying for a nanny and child care, and have spent a grand total of $1,280.
Cost to Raise a Child: 5 Months In (2017)
- 1st month = $414
- 2nd month = $105
- 3rd month = $545
- 4th month = $643
- 5th month = $520
- Since inception (March, 2017) = $2,227