How Much Does it Cost to Have a Baby?

Are you and your spouse considering starting a family? If you’re like me then you are doing your due diligence prior to beginning this magical, lifelong journey that is parenthood.

I did a lot of research prior to us having our first baby and it was really hard to find any great info. My health insurance gave me an “estimate” based off my standard PPO or high deductible plan. My estimate was $3,000 for everything. But, it was a bit off…and we didn’t have any complications whatsoever.

Hospital and Delivery Cost to Have a Baby

I have made it a point to track all of our child care expenses for my Millennial personal finance readers. And now I finally have all of our medical bills back for the birth of my baby girl, so I can now post exactly how much it cost us to have her (delivery, hospital stay, anesthesia, and baby).

Item

Total

Insurance

Net Total

Delivery $1,654.00 $581.88 $1,072.12
Lab Work $96.00 $91.97 $4.03
Hospital Stay $17,213.80 $14,561.79 $2,652.01
Anesthesia $6,176.00 $5,906.12 $269.88
Baby $4,288.56 $3,750.16 $538.40
Baby’s 1st Dr Check $300.00 $268.04 $31.96
$4,568.40

Cost of Raising a Child in 2017: 7-Month Old

How Much Does it Cost to Have a Baby?

My wife and I are first time parents and we are now 7-months into the “parenting” process. I made it a goal to track all of our childcare expenses so I could truly report on the cost of raising a child. I invite all of my personal finance 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

So the consensus was from my research that it costs $14,000/annually to raise a child in 2017. Well, we are halfway through year one and we have spent just over $3,000 on our baby girl thus far. It is very early and she is still very young, but we are on pace to spend less than half of that $14k per year average. However, its obvious that what we spend in year one will (and should be) far less than what we’ll probably spend in, say, year 8 and/or 12 and beyond when expenses really rise to raise a child. But I like the pace we are on and currently setting.




How Much Does It Cost to Raise a Child?

We are 7-months in and thus far we have spent $3,743 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. We are nearing the end of our baby shower gift cards, but I estimate that we have about $200 left to various stores.

Last month our biggest expense for our daughter was her new swim lessons. This month we didn’t have any expenses like that. We just had the usual, nanny care and 529, as well as some actual baby food and a couple outfits.

We bought baby food because my daughter is now transitioning to actual food, along with her formula. We are virtually only feeding my daughter formula now, as my wife is now longer producing breast milk. So our baby food expenses may begin to increase a bit. We also bought two new fall weather outfits for her now that the weather is beginning to change in our state.

Child Care/Nanny

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. Thus far we have spent a grand total of $2,400 on childcare.

Cost to Raise a Child in 2017: 7-Month Old

  • 1st month = $414
  • 2nd month = $105
  • 3rd month = $545
  • 4th month = $643
  • 5th month = $520
  • 6th month = $866
  • 7th month = $650
  • Since inception (March, 2017) = $3,743

 

September

Item Price
529 contribution $50
Child care $560
Baby food $20
Clothes $20
Total $650




Cost of Raising a Child in 2017: 6-Month Old

How Much Does it Cost to Have a Baby?

My wife and I are first time parents and we are now 6-months into the “parenting” process. So we’ve made it halfway through year one…hooray us!

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 personal finance 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

So the consensus was from my research that it costs $14,000/annually to raise a child in 2017. Well, we are halfway through year one and we have spent just over $3,000 on our baby girl thus far. It is very early and she is still very young, but we are on pace to spend less than half of that $14k per year average. However, its obvious that what we spend in year one will (and should be) far less than what we’ll probably spend in, say, year 8 and/or 12 and beyond when expenses really rise to raise a child. But I like the pace we are on and currently setting.




How Much Does It Cost to Raise a Child?

We are six months in and thus far we have spent $3,093 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. However, we are still going strong on the diapers we received via our baby shower diaper raffle. That was still a great idea, because I remember pre-child my biggest (expense) fear was the cost of diapers. I truly thought we were going to be spending like $100 to $200 a month on diapers. I was that naive to the costs of raising a child and how much diapers were.

Speaking of diapers, last month I wrote about how our baby girl was still in newborn diapers, which we were out of from our baby shower diaper raffle. Well, she has finally grown enough 6-months in to fit into the size 1 diapers that we have an abundance of. So we shouldn’t need to buy diapers for the next couple on months (at least).

Baby Swim Lessons

Outside of paying for our nanny last month, our largest child care expense in August was swim lessons. We paid $256 for 18 lessons, which equates to just over $14 per lesson. Each lesson is only 20 minutes.

We knew we wanted to start our daughter early in swim lessons to get her used to the water and truly enjoy it. She was just over 5-months old when she took her first swim lesson, and she actually wasn’t even the youngest in her class.

Thus far she loves the water, loves her lessons, and her mom and I enjoy alternating each week as we get into the pool with her for swim class. Its indescribable how much fun it is watching your baby play in a pool and back-float as a 6-month old infant. Worth every penny for the lessons.

Child Care/Nanny

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 4-months in to paying for a nanny/child care, and have spent a grand total of $1,840.

Cost to Raise a Child in 2017: 6-Month Old

  • 1st month = $414
  • 2nd month = $105
  • 3rd month = $545
  • 4th month = $643
  • 5th month = $520
  • 6th month = $866
  • Since inception (March, 2017) = $3,093

 

August 2017
Item Price
529 contribution $50
Child care $560
Swim lessons $256
Total $866




Personal Finance 101: Save for College

In this personal finance 101 series I want to focus on college savings for our children. I am a Millennial and our generation is drowning in student loan debt. The average college graduate is finishing school with nearly $38,000 in student loans. That is crazy and its taking most of us Millennials one to two decades to repay that.

Open a 529 for Your Child

I was lucky enough to become a dad for the first time this year in 2017, and I knew I wanted to get a 529 account up and running ASAP. I don’t use this personal finance blog to brag, but I would like to say that I am thrilled to state that I made my daughter’s first 529 account contribution when she was just 6 days old.

My goal for this post is to encourage all other Millennial parents out there to begin saving now for their child’s college education. Don’t let your child be in the same debt the rest of us Millennials are in. This is your chance to create a better future for your child…a future with way less student loan debt!

Cost of College in 2035?

College is expensive and that is not news to anyone. The problem is most college tuition rates have been increasing between 6-10% each year…way more than inflation. The cost of college is soaring out of control! I anticipate my baby girl to attend college around the year 2035 and the calculations I received off a few future college estimator calculators is utterly shocking.

I calculated the cost of attending two different in-state schools in my state; the first is my alma mater, which unfortunately is the most expensive state university in my state. And the second is a quality in-state university, a much smaller university, but one that is far cheaper, while still providing a quality education. I love my alma mater, but I am absolutely leaning towards the latter (cheaper) in-state university.




In-State Public College #1 (Alma Mater)

Tuition and fees alone I expect to cost approximately $170,000 in the year 2035, if I want my daughter to attend my alma mater. This cost is for four years of schooling.

If I want to cover all expenses, tuition, fees, room and board, I expect that to cost roughly $310,000 in the year 2035.

In-State Public College #2 (Smaller and Much Cheaper)

Tuition and fees alone I expect to cost approximately $92,000 in the year 2035, for my daughter to attend a smaller, in-state university (which I am 100% on board with…and I am encouraging this school actually). This cost is for four years of schooling.

If I want to cover all expenses, tuition, fees, room and board, I expect that to cost roughly $111,000 in the year 2035.

How Much to Save for Future College Expenses?

I don’t know if I can afford to pay for all of my daughter’s college education, but I am certainly going to save early and often so that I can help her (and my wife and I) to avoid as much student loan debt as possible.

If we simply save $50/month for the next 18 years, I estimate that we’ll have roughly $23,000 to put towards my daughters education. It’s not a lot, but that is 25% of school #2…which is better than nothing!

If we can increase that to $100/month, we could expect $45,000 by the year 2035.

And if I can double that to $200/month, we could expect $90,000, which would pay all tuition and fees for school #2.




Cost of Raising a Child: 5 Months In

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.

Child Care/Nanny

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

 

July

Item Price
529 contribution $50
Child care $400
Diapers $40
Formula $30
Total $520




Cost of Raising a Child: 4 Months In

How Much Does it Cost to Have a Baby?

My wife and I are first time parents and we are now four 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 Costs to Raise a Child?

We are four months in and thus far we have spent $1,707 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 comfortably. Albeit, we’re about out of gift cards now.

However, we do still receive coupons regularly from baby formula companies (Enfamil, Similac, etc.), as well as Walmart for substantial discounts. In fact, just a few days ago we received a coupon from Walmart for $20 towards their brand of formula called “Parent’s Choice”. Their tub of baby formula is huge (35 oz) and only costs $20, so its free with the coupon. It’s not a named brand like Enfamil or Similac, but even our pediatrician told us to simply use the cheaper one possible…because they are all the same and perfectly fine/healthy for our baby girl.

We also did a “diaper raffle” at our baby shower in January, where if you brought a pack of diapers you would be entered to win a prize. Luckily all prices were donated from others (wine, luggage, etc.). We received a ton of diapers and probably haven’t touched 50% of what we received. Lucky us, huh!?

Well our little girl is still growing slowly and at 4-month’s old is still in newborn diapers, so we actually had to go and buy a yet another small pack of newborn diapers from Target ($25) to hold us over until she reached size 1. We actually tried using our size 1 diapers for a week and they just didn’t hold anything…I’ll just leave it at that.

Like May, our expenses increased a great deal due to part-time child care. We now have two full months of child care expenses under our belt (May and June) and have spent a grand total of $880 on part-time (2 days per week) child care. We consider ourselves very lucky though, as we have a nanny who comes to our house two-days a week, a nanny our daughter loves, who really doesn’t costs us that much.

Cost to Raise a Child: 4 Months In (2017)

  • 1st month = $414
  • 2nd month = $105
  • 3rd month = $545
  • 4th month = $643
  • Since inception (March, 2017) = $1,707

 

June

Item Price
529 contribution $50
Child care $470
Bed rails $43
Headbands $20
Diapers $25
Formula $14
Bath wash $5
Blankets $16
Total $643




Cost of Raising a Child: 3 Months In

My wife and I are first time parents and we are now three 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 diligent 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 three months in and thus far we have spent $1,064 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 comfortably.

We also did a “diaper raffle” at our baby shower in January, where if you brought a pack of diapers you would be entered to win a prize. Luckily all prices were donated from others (wine, luggage, etc.). We received a ton of diapers and probably haven’t touched 80% of what we received. Lucky us, huh!? Well our little girl is growing slowly and is still in newborn diapers, so we actually had to go and buy a small pack of newborn diapers from Target to hold us over until she reached size 1. So we’ve have now collectively spent $15 on diapers in the first three months. Not bad…thanks to our baby shower diaper raffle.

Our expenses increased a great deal in May because my wife is back to work and we now have to pay for part-time child care. My wife was actually back to work at the beginning of April but we received lots of family help since my daughter was only 2 months old. We do get some family help still, but from now moving forward we will have to pay child care expenses monthly for a nanny who watches our daughter.

Cost to Raise a Child: 3 Months In (2017)

  • 1st month = $414
  • 2nd month = $105
  • 3rd month = $545
  • Since inception (March, 2017) = $1,064

 

May

Item Price
529 contribution $50
Child care $410
Ear piercing $40
Co-pay $30
Diapers $15
Total $545

How Much Does it Costs to Have a Baby?

Looking a head to next month, we should finally have all of our final bills in from the hospital so we can measure the literal cost of having a baby. Our June ‘cost to raise a child‘ report is going to be a big one! In reality our costs thus far to raise our child have been very, very low. But next month that all changes. Stay tuned for the June, 2017 breakdown…




Cost to Raise a Child: Two Months In

My wife and I are first time parents and we are now two 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.

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

We are two months in and thus far we have spent $519 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 comfortably.

Cost to Raise a Child: Two Months In (2017)

  • 1st month = $414
  • 2nd month = $105
  • Since inception (March, 2017) = $519
April 2017
Item Price
Clothes $48
529 contribution $50
Baby photos $7
Total $105