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Baby Cost Video
Monday, March 1st, 2010 at 2:12 pm
Baby Expenses: The Cost Of Raising Baby
Monday, February 22nd, 2010 at 2:15 pm
Budgeting for baby cost is a major concern for many people. This article will give a brief overview of some of the baby expenses that you’ll encounter over the first and second years of your baby. Having gone through the experience twice my wife and I have a good handle of the annual cost and monthly cost of raising your baby, diapers, clothing and food etc. Plus I’ll go over some things that you might not have thought of, for example life insurance.
Let’s start off with the obvious, clothes and diapers. Chances are you’ll be getting a ton of clothing as gifts from family and friends. I know with us we never really had to buy a lot of necessities. The first couple of years we’ve either been given clothes. You usually get a lot when baby is first born. You might want to register at your favourite store for clothes and whatever else you think you’ll need so people won’t be giving you too many multiples of what you need. But if you find you’re still in need of clothes and your on a budget there are plenty of second-hand children’s stores to go to.
The question that will probably come up is how much clothing do I need? For the first six month depending on the season and the child you’ll need a lot of receiving blankets (7 to 10) to swaddle and keep them warm. There are swaddling blankets already made that you can purchase. You’ll also need between 8 to 10 one piece outfits (sometimes referred to as onesies). My wife found that she would go through 3 to 4 outfits a day.
With diapers, we bought a package of newborns before our kids were born. After that my wife did a mixture of cloth and disposables. We purchased 20 cloth diapers and 4 plastic covers. We would also go through 1 to 2 packages of diapers a month.
One of the most important, if not the most important thing you should consider is having the proper amount of life insurance. I’m not here to lecture but the question you really need to ask yourself is, will my baby be properly cared for financially if I’m not here. I know it’s a topic we don’t like to talk about but it’s something we owe to our dependents to handle.
How much life insurance should you have is the next logical question. The rule of thumb is you take your annual income and multiply it by 10 then you add any other expenses you would want to pay off, like your mortgage or any outstanding debts. The equation would look something like the following: Assuming an annual salary of $50,000 and a mortgage we’d want to get paid off of $200,000.
$50,000 x 10 + $200,000 = $700,000
The reason you multiply by 10 is you would take the $500,000 and put it into a fairly conservative mutual fund that over time pays between 8% – 10% annual rate of return. This way your dependents could live off the interest which would be roughly what your annual salary would have been and the principle ($500,000) is not touched.
The other point that needs to be made is what type of life insurance should you get. Generally there are two types and they’re called cash value and term insurance. The most suitable for the vast majority is called term insurance. It’s by far the cheapest
I’ll be covering baby food and going into the different life insurance products in more detail in my next post so stay tuned.
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when are a babys first words?
Thursday, April 15th, 2010 at 10:24 am
like at wat age of years or months does a baby say his first words like a name or dad or some
it depends on the baby,my son is six months old and can say hello, mum , and dad. but he cant even sit yet!! so it really just depends!
What is the cost to maintain a baby?
Thursday, April 15th, 2010 at 10:23 am
For school, I’m supposed the take care of a "baby" and I’m also supposed to find out how much it would cost to take care of a baby.
Such costs would include how much it would cost to feed a baby daily, and how often the baby’s diaper needs to be changed daily (thus including the cost of diapers.)
Thank you for answering!
I never really thought about it much less calculating how much I spend for my babies. me and my wife just try to do everything we can to provide everything they need.
Though that you mentioned it it is rather expensive. In my country (philippines) it would average at about Php 5,000.00 or $1++.00 converted to american dollar. I heard the cost of living in the USA is about 5 times of ours so maybe about $500 to $600 but its all worth for me and my wife. They are my cute little angels.
How can I paticipate on parenting panels to try out new baby products and give feedback?
Thursday, April 15th, 2010 at 10:23 am
An acquantaince of mine was on a panel where she was sent free diapers so that she could complete a survey at the end of a specified time frame. I would like to do something similar to help with baby expenses & also to have input on baby products…does anyone know where I can sign up for something like this?
A lot of parenting magazines – Parents, Parenting, Child, American Baby, etc. – have reader panels that you sign up for online. Sometimes they’ll send out samples for review, but not too often. Other online survey sites sometimes do the same – sign up for as many as you can to maximize your chances of getting the review freebies.
Baby Budget Project ,?
Thursday, April 15th, 2010 at 10:21 am
I Have A Project To Do For My Wellness Class ( Health Class ) , My Assignment Says :
You Have Just Become A Single Parent , And You Have To Find A Way To Live in A Healthy Environment With Your Baby . You Need To Find A Job w| My Qualifications ( Meaning I Cant Have A Job That Qualifies A High School Diploma Because I Haven’t Yet Graduated 
) Pay Bills , Car Payments , And I Have To Worry About Food Payments ( Baby Formula … ) When I Get The Job I Need To Calculate My Hourly , Monthly & Yearly Rates . Can You Help Any Way You Can ,
Please And Thanksss ( :
Easy. You enroll in Job Corps, finish school there, and live in their housing at one of the sites that provides childcare. All expenses have been covered. I doubt that is the answer your teacher expects.
Ideally this would be easier if you were 18 or emancipated, but…
At minimum wage you’d make $8 per hour, and if you worked full time you’d make $1386.66 per month, which comes out to $16,640 per year.
Your baby needs health care: Medicaid is free.
You need transportation: There are cities in the US who have $60 YEARLY bus passes. Obviously relocating to one of those areas would be a good idea if money is tight. Cuts out car payments and maintenance, gas, and insurance.
A single mother making $16,640 with one kid would qualify for enough food stamps per month to feed her family in Illinois. You can go on WIC to get 9 cans of formula a month for your baby. Food is covered in full.
You can rent a room, including all utilities for $400 a month in my city. Again, poor people often have to relocate. Greyhound is cheap, move here.
Your baby can use generic diapers and wipes averaging about $35 a month. If you run out you can go to place in town who gives out free diapers.
You can get your baby’s yearly wardrobe at a garage sale for $30 a year. Done. Your baby can sleep in your bed with you since your room for rent was furnished with a full size mattress. Done. You can get your baby some toys at the garage sales too and use bottles from the dollar store if you have to. You can make this work easily.
Childcare starts at $20 a day for in-home daycare in my city. Would I take *my* kid to one of those places? Hell no. But I’m not desperate. Child Care Resource Services can help you subsidize the cost of child care, and if they can’t, TANF can for awhile. Childcare done.
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