How Much Does It Cost to Have a Baby?

Bringing a new life into the world is a wonderful thing to do.

But it isn’t cheap.

For both expectant parents and couples planning to begin a family, we’ve outlined the essential costs associated with having a baby so you can build your own pregnancy budget. From medical expenses during the pregnancy to the costs after birth, this comprehensive guide will help mums- and dads-to-be prepare for the financial impact of having a child.

Medical Expenses During Pregnancy

Even if you have private health insurance with plenty of pregnancy benefits, medical expenses during pregnancy will add up – from your regular check-ups to the vitamins expectant mums are recommended to have.

Most pregnancy budgets will need to cover:

Obstetrics and gynaecology (OB-GYN) medical management fee
Monthly OB-GYN appointments
Hospital excess (if you go private)
Baby scans and tests
Pregnancy vitamins.

Making sure a pregnant mother and her child stay healthy during pregnancy is an essential part of the process. So, there aren’t many pregnancy budget shortcuts available for many things. However, all those required check-ups will have different prices depending on whether you visit a private or bulk-billing professional. Decisions like that are up to you.

Essential Purchases Before the Baby Arrives

To prepare for the arrival of your family’s newest member, there’s a huge list of items you’ll need to go through and tick off. But not all of them have to cost an arm and a leg. Reach out to friends and family members who may still have these items in good condition, or consider buying some of them second-hand.

The big-ticket items that will cost you a couple grand all up include:

Cot
Pram
Car seat
Change table
Baby rocker
Nursing chair.

With these purchases, you can fit out the baby room, living room and family car for your little one.

But the list of essentials continues. To get ready for daily life (for mum and baby), you’ll also need:

Baby clothes
Baby swaddles
Maternity clothes
Pregnancy support belt
Baby bath
Breast pump
Bottles
Nappy bag
Baby camera
Baby carriers.

Another essential thing to consider is how baby-proof your home is. You might need to replace dangerous furniture and vases and spend a little bit of money to make doors and appliances safe for kids as they start to crawl, walk and wander.

Weekly Budget for a Newborn Baby

After the pregnancy, your newborn baby budget will need to cater to a wide variety of weekly necessities. This is why it’s so important to budget for a new baby well in advance.

This will include:

Nappies
Formula
Dummies
Baby wipes
Bottle steriliser
Nappy rash cream
Baby powder
Baby toys
Family health insurance.

And don’t forget that weekly tub of ice cream – you’ll deserve it. Eventually, your newborn baby budget will turn into a toddler budget, then a young kid budget. Each period has their own delights and their own expenses.

While the essentials are essential in a budget, keep some money set aside for fun things to do with the kids on holidays.

So, how much does it cost to have a child? A lot. In fact, the amount can be very surprising for new parents. But if an unexpected expense does come up out of nowhere that tips over your pregnancy or newborn baby budget, Cigno offers fast loans for a viable solution.

Disclaimer: Please be aware that Cigno Loans’ articles do not replace advice from an accountant or financial advisor. All information provided is intended to be used as a guide only, as it does not take into account your personal financial situation or needs. If you require assistance, it is recommended that you consult a licensed financial or tax advisor.