While love is priceless, pregnancy, childbirth and caring for a newborn can easily become expensive very fast. On an average, Canadian household spend from $3,000 to $10,000 annually on basic care and need for their young child. Whether you are about to have a child or already have one, the list below will help you confront the real expenses that a newborn brings.
Pregnancy clothes are one of the first purchases you will need to make before having your baby. While these new outfits may be incredibly expensive there are always alternatives that will make you save money. Instead of buying a whole new wardrobe, ask your friend and family if they have any of their pregnancy clothes they can give or lend to you, look around for classified ads, second-hand stores or even social media groups. Since you will not be wearing the clothes for a long time, they do not need to be the priciest items in your drawers.
Diapers are obviously a firm necessity when having a newborn. In the first three years of their lives, babies will be needing between 4,500 and 5,000 diapers. While there is always the option to use washable diapers for a lot less money, it is not necessarily a tempting option for all new parents. However, there are always ways to save money on diapers and other pampering products. Wholesale stores like Costco or discount programs like Amazon Mom will help you save money on this necessity as well as lessen the number of trips to the store.
Not all parents are able or want to breastfeed their children and have to resort to baby formula to feed their newborns. Formula can cost between $1,200 and $1,600 per year, depending on which brand is chosen. Just like for diapers, hunt for coupons and deals to save as much as possible on this important item. When you find a good deal, buy more at a time, to make sure you save as much as possible.
Dressing You Newborn/Child
Children grow very fast in the first years of their lives, therefore you will often need to change clothes for a larger size. The first thing to do to make sure you do not overspend on baby clothes, is to ask your friend and family to give your baby clothes in bigger sizes. That way you will be sure to have enough for the birth and for later as well. Instead of continually buying new clothes, you can also look for second-hand stores, online exchanges or garage sales. Since baby clothes are usually barely worn, you do not need to be afraid to buy second-hand items.
Depending on your insurance, your coverage and where you live, follow up with your doctor during pregnancy and child birth can add up quickly. Make sure to gather as much information about the costs before planning on having a child, as medical care is primordial for your health and the health of the newborn.
Quick tip: Generic brand medicines or supplements are sometimes up to half the price of major brands. The formula and active ingredients are usually exactly the same, only the packaging changes.