Budgeting for a baby

BUDGETING for Baby.. Manning to start a family? We estimate the first-year costs of having a baby for first-time parents. Note: These estimates do not include costs associated with prenatal, postnatal or paediatric medical care. For those costs, please talk with your care providers and/or health insurer. UPFRONT COSTS These estimates are conservative. Premium brands may cost more. PRAM CAR SEAT $250 $250 COT, MATTRESS & BEDDING CLOTHES $200 ШИ $300 BOTTLES & TEATS (f used) HIGH CHAIR $ 100 $ 100 CHANGE TABLE (optional) TOYS & BOOKS BC $ 80 $ 100 BABY SEAT / BOUNCER NAPPY BAG (optional) $80 $50 SWADDLING BLANKETS CHANGING PAD $40 $ 10 PLASTIC (U TABLEWARE $ 10 SIPI $ 10 TOTAL $1,580 .... ..... CONSIDER SHOPPING FOR QUALITY SECOND-HAND ITEMS TO SAVE MONEY. Used baby clothes and equipment are often lightly worn. HAVING A BABY SHOWER? Think about creating a gift registry of the items you need. Avoid doubling up by not shopping until after the shower. OPTIONAL COSTS There are thousands of baby products on the market. Keep costs (and clutter) under control by keeping it simple. $2,500+ PHandy Tips You could save money by borrowing equipment or accepting hand-me-downs. You can return the items when your baby has outgrown them. Items that have short-term use (car capsule, breast pump etc.) may be more affordable to rent. WEEKLY COSTS FORMULA, IF USED $22 MILK NAPPIES, WIPES & CREAM $18 EXTRA GROCERIES $15 EXTRA HEALTH INSURANCE $15 EXTRA UTILITIES $10 TOTAL PER YEAR $4,160 Consider budgeting for extra utility costs, especially if you used to work full-time outside of the home. LOSS OF INCOME Vs COST OF CHILD CARE The biggest expenses associated with having a baby are usually child care and/or loss of income while a parent takes time out of paid work to care for the child. *Note that child care costs and availability vary widely by location. Weekly Cost $1,114 $364 VS National average weekly cost of full-time child care* National average full-time weekly wage after tax Annual Cost $57,938 $18,928 VS National average full-time National average cost of salary after tax full-time child care x 52 weeks* You may be eligible for one or more government subsidies, such as the Paid Parental Leave scheme, Newborn Upfront Payment and Newborn Supplement, Child Care Rebate and/or Child Care Benefit. Contact the Australian Government Department of Human Services (www.humanservices.gov.au) for information. BUDGETING FOR A BABY? WE CAN HELP MyBudget is Qustralia's largest, trusted personal budgeting specialist since 1999 MyBudget. Phone 1300 300 922 | www.mybudget.com.au Data Sources: Moneysmart.gov.au; News.com.au; WAToday.com.au. Cost estimates are based on conservative retail prices and were accurate at the time of research (10 March, 2015). Copyright © 2015 MyBudget Pty Ltd, All rights reserved. Australia Credit Licence Number 391759