When a child is born there will now be three and bringing up a child is not cheap.
Hence it is wise to prepare yourself financially because one of you may have to give up your job to look after your child or you may need a helper or a nanny. Here are some costs you have to keep in mind:
Bills for mothers' maternity clothes and regular prenatal checks.
Vitamins and extra nourishment for pregnant mother.
Costs for diapers, feeding equipment, stroller, baby crib, playpen, bedding, bath accessories, toiletries, books, toys.
There will be hospital bills for the delivery of your baby.
Charges for babies' vaccination and monthly check-ups with the pediatrician.
A helper to look after mother and child in the 1st few months. If mom is working the helper is needed too or a nanny to look after in the day.
As baby grows older, then there will be the preschool costs.
Then into the mainstream schools. Costs for clothes, books, tuition fees, enrichment programs and daily expenses. Purchase of medical, education and life insurance for parents as well as baby is necessary.
Have some savings for a holiday at least once a year. You need a break.
Do give yourselves a break and have a night out once a week. Get a babysitter to look after your baby. Remember to save some money for a romantic dinner out.
Electrical and water bills will be higher.
Household expenses will also increase if your have a helper at home.
Be Financially Prepared Before Starting a Family