Family and Finances, How Life Changed with a Baby
My girlfriend and I welcomed a new baby boy this past summer and he’s been such a true blessing into our lives. As soon as we found out we were expecting we opened up a joint 360 checking and savings account with Capital One. With Capital One 360 you can easily create accounts and use them specifically for financial goals. So we created a separate baby fund, which made saving for baby expenses much easier. I understand that every couple may not be as comfortable talking about money, but these conversations with your partner are necessary when it comes to bringing a new life into the world. Constant communication is essential because as new parents we all have a sort of idea on how we want to raise our children. Sometimes your partner might not agree with certain things so effective communication will help ease that transition into parenthood.
Yes, Babies are expensive!!!
Lol no seriously they are but it takes a village to raise a child. We threw a baby shower and that was one of the best investments we made. We’re still using baby products, diapers and wet wipes we got back in June. Our families and friends really came through with a crib, travel system, car seats and a bunch of other amazing gifts which are highly appreciated.
I didn’t realize how much those small items can really add up. Family and friends can help out when they can but having a child is the ultimate sacrifice. My apartment went from a bachelor pad to a nursery. Literally…
My health insurance definitely went up since I added my son. My plan costs $53 per paycheck with me alone and with my son that went up to $223. That’s a $4,400 annual difference in insurance premiums. Speaking of health insurance the actual cost to have a baby was $17,700. Well, at least at Emory Midtown in Atlanta. The major expenses were in the room and board after the baby was delivered. Thank goodness our insurance covered all of it cause that is ridiculous.
Babies typically grow very fast in the beginning stages of life so I wouldn’t recommend buying too many newborn sized clothes. Zip up onesies are great because they keep your child warm and you have quick access to changing their diapers. Ask around for any old baby items people may not need anymore. One of my coworkers who moved earlier this year gave me a swing and two bouncers as gifts!! We found local shops like Once Upon a Child where you can buy, sell and exchange baby clothing and other items for great prices. We signed up for a registry at Babies R Us and got a 20% discount on all items that weren’t purchased from our registry list. Breastfeeding can obviously save tons of money on baby formula, but that’s purely based on how well your partner can produce milk.
Luckily we haven’t had to worry about daycare cost because my girlfriend and I work from home. She’s the real superhero when it comes to caring for our son on a daily basis. Daycare is probably going to be your biggest expense, but other than that, there are creative ways to reduce your overall baby expenses. Raising a child takes a tremendous amount of sacrifice. There’s no blog post, book, or advice that can fully prepare you because it’s something you have to experience and every situation is different. From my experience thus far, fatherhood has brought me a true happiness and joy, I feel like my life changed for the better.