By Aarthi Swaminathan September 14, 2022
Having a baby? Here’s something for you to consider:
A baby’s first year could cost parents up to $16,000, according to a new study.
The study by BabyCenter, which calculated costs based on a variety of items needed for a baby, from childcare and formula to diapers and bibs and clothing, found that a baby’s first year could cost parents on average $15,775.
The biggest expense during a baby’s first year is childcare, which roughly costs about $6,500.
Other big expenses include the cost of feeding a baby (formula, solid foods, et cetera), as well as baby gear, such as strollers, car seats, and such.
That doesn’t take into account the cost of a bigger house. Many families decide to move to a bigger home, in anticipation or after the birth of their child. That adds to the monthly mortgage payment.
Childcare
Feeding
Clothing
Nursery
Diapering
Saving toward future/college
$6,525
$2,479
$1,387
$1,104
$984
$878
Gear (stroller, car seat, etc.)
$556
Activity equipment (bouncer, play mat, etc.)
Breastfeeding
Health and safety
Bathing and grooming
Toys and books
Toiletries
$556
$382
$190
$156
$126
$108
Total
$15,775
And as prices of goods and services required to take care of a child rise, concerns about cost also weigh heavier on parents’ minds.
According to a separate survey of 1,515 parents by BabyCenter, these baby expenses on average take up 27% of parents’ total income.
About a quarter of parents surveyed said that they’re holding on to debt, or postponing or even abandoning plans to pay off debt because of baby-related expenses.
Moms who decide to stay at home to take care of their little one take a big financial hit:
Unpaid leave costs moms $6,643 in income, on average.
Photos by: iStock/Getty Images Story by: Aarthi Swaminathan Google Web Story by: Camille Dash