![]() If you choose to use store-brand diapers, like Target’s Up & Up brand, you’ll be paying around $0.12 per diaper. This will eliminate extra costs.Īre you looking for convenience or to save money? It’s much more convenient to use disposable diapers, but that convenience comes at a cost. Consider using baby shampoo once or twice a week. A daily soapy bath for your baby isn’t always necessary.Although more work, reusable diapers & wipes are much less expensive and can be used past your baby’s first year.This method presents very little additional cost to you. Some moms choose to introduce food via “baby-led weaning.” Essentially, you feed your baby straight from your plate, so long as the food is cut in a way that is safe for them to eat. 5 This can mean different things in terms of cost. ![]() However, around 6 months, it’s often recommended that children be introduced to foods other than breastmilk or formula. 4 6-12 Monthsįor the second half of the first year of your baby’s life, you can expect similar costs in terms of breastmilk and/or infant formula. If you don’t qualify for WIC, you should expect to pay around $810 for baby formula during the first six months. You may receive vouchers for baby formula to feed your baby at no extra cost. WIC is a government-funded program that supports pregnant and breastfeeding women and children up to the age of five. If you feed your baby infant formula, see if you qualify for the Supplemental Nutrition Program for Women, Infants, and Children (WIC) 3. can often be replicated using items you have around your house. Nursing pillows, nursing covers, nipple creams, heating pads, etc. 2Īlmost all other advertised “breastfeeding accessories” will be for your comfort or convenience. If you use a breast pump, your health insurance may be required to provide you with not only a pump, but breastfeeding support and counseling as well, at no cost to you. 5 If you’re able to exclusively breastfeed, your breastmilk is free (yay!). Sign up for WIC to receive free formulaįor the first six months of your baby’s life, breastmilk or infant formula is all your baby needs.Use your insurance to receive a free pump.Breastmilk can be used to help treat cracked or sore nipples, so you may not have to purchase nipple cream! 1.*The upper range cost of $2200 was estimated (approx.) by adding the first-year cost of formula and premade baby food (the most costly feeding options). Nutrition: $0-$2200* the first yearĭepending on your circumstances, you may be able to feed your baby for next to no cost throughout the first year. We’ve also created itemized charts at the beginning of each category to help you take note of specific items. Take notes as you read through each category on what your personal expenses and preferences may be-and remember that you can always change them later. If you want to start creating a concrete plan, get out a pen and paper or open a blank document on your computer. I’ll also include what you can probably expect to pay for them and some money-saving tips along the way. To keep things simple, I’ll only list the fundamental items you should expect to invest in. If you aren’t sure how to plan for how much you can expect to spend for your baby in the first year, I’ve narrowed down the necessary categories:įor each category, there are countless baby products on the market-most you won’t purchase, and some you will. Can you financially survive your first year of motherhood? Yes! So will you have to spend money on your baby? Yes. That’s $3,600 you won’t be paying in taxes this year, and, in fact, might receive in your bank account as a tax refund!Īs a bonus, you will also be able to apply up to $8,000 to child care expenses for one child when you file your taxes, which will decrease your taxable income and keep more money in your pocket once tax time rolls around. In 2021, under the American Rescue Plan created in response to COVID 19, the child tax credit for one child under six years old will be $3,600, as long as you are making under $112,500 (or $150,000 jointly, if you’re married). A note on tax creditsīefore you start worrying about the impact an additional person will have on your income, don’t forget to factor in the child tax credit you’ll be receiving once you’re a parent. The good news is, for most expenses, there is abundant flexibility concerning what you choose to pay for, what you don’t have to pay for, and how you pay for it. It all depends on your financial situation and preferences. In fact, there’s a wide range of the cost of raising a child during their first year (with no set “right” amount). Babies, especially first babies, come with many new expenses-many of them in their first year. You’ve probably heard it over and over again: “Babies are so expensive!”Īnd it’s true.
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