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Wayne Parker

Understanding the Costs of a New Baby

By November 15, 2012

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Father and BabyI can't remember many moments better than when we learned that we were expecting our first child.  We had been married about 3 years and had wanted a baby right from the start, but he was not as anxious about it as we were, I guess!  In any case, it was a great moment.

What we hadn't really done well was to count the cost of bringing a new little baby into our family.  We had a two bedroom apartment, so that would work.  But I was working at a job without health insurance benefits, so we actually did all of the pre-baby and then the labor and delivery at a local medical school for a total out of pocket cost of $400 (now 30+ years ago).  But the crib, stroller, car seat and all that stuff took my a little by surprise.  We appreciated so much the help we got from baby showers and family gifts that helped make it a little more realistic.

While the prospect of having a new baby is exciting and if what you and your partner want, it is good to understand what you are getting into financially when planning for a baby.  Learn the questions to ask and how to prepare for the growing cost of having and raising a baby.

More help for expectant fathers:

Image courtesy of The Image Bank / Getty Images

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