Blogging for Change

How to budget for baby

by Jessica Horton on
7/22/2013
in Budgeting and Building Savings

Is the buzz about the royal baby giving you some serious baby fever? Not so fast. 

According to the U.S. Department of Agriculture, the average cost to raise a child until the age of 18 is $234,900 — a number large enough to make anyone feel as though they would have to be royalty in order to raise a child! 

And when you include the cost to send that same child to college, the figures can be downright scary! 

However, if there’s one truism I've heard time-and-time again, it’s: if you’re waiting to have a baby until you can afford one, you’ll be waiting forever. Luckily there are steps you can take to ensure you are as prepared as possible for an upcoming bundle of joy. 

  • Take control of your debt — now. If you have credit card debt, now’s the time to take care of it. You’d be shocked at the amount of money you’ll have to save once those monthly payments are out of the picture! If you're looking for a quicker way to pay off your debt — not to mention the potential for lower interest rates! — you may want to consider a debt management plan.  
  • Explore your health coverage options. Checkups alone for baby can cost more than $100 per visit. You may also want to explore adding long-term disability and life insurance coverage to your existing healthcare plan. You should also look into the maternity/paternity leave policies at your workplace. 
  • Plan out the details. Will one of you stay home with the baby? Will you pay for daycare? Making – or at least thinking about – decisions like these will help you create a realistic plan for expanding your family. 
  • Practice living on a “baby budget.” If you are planning to live on one salary, start now. This will give you an opportunity to make the necessary lifestyle changes and cutbacks before your bundle of joy arrives — which will also make for a much easier financial transition. 
  • Get tips from the experts — other moms! No one can give you better advice than people who have been through the experience themselves. So ask your friends and family, or visit message boards and online forums. There are also a lot of mommy bloggers out there who write solely about this topic. One of my favorite blogs is Our Freaking Budget — Joanna and Johnny blog about everything from getting out of debt to planning for and raising their baby girl. 

What about you? Do you have any advice for new moms or moms-to-be? Share your thoughts by leaving a comment! 

You may also be interested in:  

Jessica Horton is a former copywriter and community manager at MMI.

Recommended Articles

Man sitting in front of pile of bills, trying to understand his options.
Professional Budget Advice
Make the most of every dollar and start building toward your dreams! Budget counseling is FREE and available 24/7.
Learn More
Learn more
  • Better Business Bureau A+ rating Better Business Bureau
    MMI is proud to have achieved an A+ rating from the Better Business Bureau (BBB), a nonprofit organization focused on promoting and improving marketplace trust. The BBB investigates charges of fraud against both consumers and businesses, sets standards for truthfulness in advertising, and evaluates the trustworthiness of businesses and charities, providing a score from A+ (highest) to F (lowest).
  • Financial Counseling Association of America Financial Counseling Association of America
    MMI is a proud member of the Financial Counseling Association of America (FCAA), a national association representing financial counseling companies that provide consumer credit counseling, housing counseling, student loan counseling, bankruptcy counseling, debt management, and various financial education services.
  • Trustpilot Trustpilot
    MMI is rated as “Excellent” (4.9/5) by reviewers on Trustpilot, a global, online consumer review platform dedicated to openness and transparency. Since 2007, Trustpilot has received over 116 million customer reviews for nearly 500,000 different websites and businesses. See what others are saying about the work we do.
  • Department of Housing and Urban Development - Equal Housing Opportunity Department of Housing and Urban Development
    MMI is certified by the U.S. Department of Housing and Urban Development (HUD) to provide consumer housing counseling. The mission of HUD is to create strong, sustainable, inclusive communities and quality affordable homes for all. HUD provides support services directly and through approved, local agencies like MMI.
  • Council on Accreditation Council On Accreditation
    MMI is proudly accredited by the Council on Accreditation (COA), an international, independent, nonprofit, human service accrediting organization. COA’s thorough, peer-reviewed accreditation process is designed to ensure that organizations like MMI are providing the highest standard of service and support for clients and employees alike.
  • National Foundation for Credit Counseling National Foundation for Credit Counseling
    MMI is a longstanding member of the National Foundation for Credit Counseling® (NFCC®), the nation’s largest nonprofit financial counseling organization. Founded in 1951, the NFCC’s mission is to promote financially responsible behavior and help member organizations like MMI deliver the highest-quality financial education and counseling services.