As the family size grows, so do the expenses, of course. Of course, a new family member is invaluable to their parents, but what does it really cost the family to have a child?
We compiled slightly different calculations of the child’s first year’s expenses and compiled a checklist of notable expenses.
Cost of having a child
The birth of a child not only destroys the basic balance but also the financial balance of the whole family. Even before the baby is first tanned, you need to make the first investment in your new life.
Things to keep in mind when making a budget:
- child insurance: You can take out insurance to protect your baby even before, during and after childbirth.
- Essentials: Is There a Car in the Family? The maternity hospital cannot get home by car without a child restraint. Other necessities can be listed as at least a dressing table or table, stroller, bed.
- maternity leave and parental leave: It’s a good idea to calculate how much these affect your overall family income.
Even good budgeting can be deceiving when faced with an unforeseen situation with your child. For unexpected expenses, you can apply for a Good Finance, which allows you to draw down a loan very quickly, if necessary.
Naturally, the first child becomes more expensive than the later siblings of the world, because of course he has to get all the supplies.
Of course, younger siblings may inherit the beds, wagons and other accessories of their older siblings.
If you want to save on costs and have time to rake fleas, you can purchase at least some of the supplies used. However, in this case, care should be taken with regard to the quality, as equipment used in poor condition can be dangerous.
Huge difference in the cost of your first child
There can be a huge difference in the cost of your first child depending on how much you buy new and how much you recycle. Of course, much can be influenced by your choices.
For example, buying lots of new clothes and investing in hobbies can cost up to € 8,000 for a child’s first year. But less than € 5,000 is available when you get your clothes as gifts or when you buy a lot of used items.
According to this information, the monthly expenditure of a family with children is approximately 400 – 700 €.
Roughly speaking, when a child reaches the age of majority, he has raised $ 128,300 in costs for his parents. The calculation is based on calculations made by Stakes and Statistics Finland, updated to the current price level.
Cost Table of Supplies – Baby Cost
The first year of a child’s expenses is difficult to discern when experience with family life is not yet available.
The tabulation helps you understand what you need to get for your child during the first year of life:
Equipment includes a baby bathtub, pacifiers, baby bottles, potty, changing table and other new everyday items.
In addition to these, there are additional costs involved, such as increased electricity use, water consumption, baby toys, compulsory purchases by the mother (maternity wear, breastfeeding supplies, etc.) and the purchase of a larger home or car.
It is a good idea to prepare for the arrival of a new family member with realistic calculations and prudence.
But the joy of having a child is immeasurably precious in money, and every day with a new human trout pays off many times over.