What are the costs of having a baby?
As you plan to grow your family, you may also want to consider the costs of having a baby so you can prepare your finances.
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Learning Center articles may describe services and financial products not offered by Protective or its subsidiaries. Descriptions of financial products contained in Learning Center articles are not intended to represent those offered by Protective or its subsidiaries.
Neither Protective nor its representatives offer legal or tax advice. We encourage you to consult with your financial adviser and legal or tax adviser regarding your individual situations before making investment, social security, retirement planning, and tax-related decisions. For information about Protective and its products and services, visit www.protective.com.
Companies and organizations linked from Learning Center articles have no affiliation with Protective or its subsidiaries.
Growing your family is exciting, but can also be expensive. Of course, the newest addition to your family will need all the essentials — food, clothing and plenty of diapers — but there are other costs of having a baby to consider.
As you prepare to welcome your new baby, or if you're thinking about growing your family, there's no doubt you may wonder, "How much does it cost to have a baby?" But before you go into sticker shock, here are some ways to determine these costs so you can prepare your finances.
How much does a baby cost monthly?
By some estimates, the average parent may expect to spend about $1,000 per month on childcare, food and housing for their kids.
To help you get a budget together, you'll want to consider your baby's needs, including:
While needs vary for every child and family situation, running the numbers can help you get a general idea of how much it costs to raise a kid.
One-time expenses for a baby
When a new baby comes along, there are plenty of items you'll need to buy upfront. Getting a financial checklist together ahead of time can help you answer the question, "Can I afford to have a baby right now?"
Some of these expenses may include the following:
If you've already had a child, you can reuse some of these items to save money.
Medical costs
As you run the numbers, you'll also want to consider the medical costs of having a baby. These prices may vary depending on your insurance coverage and where you live.
How much are prenatal appointments?
For many, labor is the big medical cost that first comes to mind. But before your little one arrives, there are other expenses to add to your list, including:
Depending on your insurance coverage, you may need to pay a copay or coinsurance for these appointments. Typically, these fees count toward your annual deductible, but check with your insurer.
How much does it cost to give birth?
Giving birth may be one of the first expenses that come to mind when asking the question, "How much does having a baby cost?" However, your out-of-pocket costs for childbirth vary based on your health insurance and how the cost-sharing of deductibles, copays, and coinsurance work for your plan.
More recent studies have found that the out-of-pocket cost of having a baby, including pregnancy, childbirth and post-partum care, averages just under $3,000 for those with healthcare.
These numbers may vary slightly depending on the type of delivery, with those needing cesarean sections (C-sections) typically paying more.
How much is it to have a baby without insurance?
Those without health insurance may need to pay out-of-pocket for the entirety of pregnancy, birth, and postpartum care. Research estimates the average cost for childbirth is nearly $19,000 and higher for those with C-sections.
If you don't have coverage, consider speaking with the hospital before birth. You may be able to negotiate for a discount or set up a payment plan ahead of time.
How much money should I save before having a baby?
There's no one number that you need to have saved before having a baby. But you can start saving for the cost of having a baby, even if it's a small amount each month.
Some financial tips for new parents include:
Some of these factors may also depend on your state's general cost of living, so it's important to include that in your numbers as you prepare.
Planning and saving as you start growing your family can help you feel more confident with your finances as you embark on this new amazing journey.
Thinking about growing your family? Learn more about your life insurance options.
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