And if you look at some of the baby calculators, they can be scary. Estimates start at about $10,000 for the first year. Life-time estimates for an urban, mid-western family making less than $58,000/year who DO NOT plan to pay for college comes in at $161,670 (the fist year of this estimate is broken down in the pie chart below).
We definitely plan to pay for college - which raises it to a total of $270,842 (which still assumes only $109,172 for private college tuition and expenses - this seems to be a bit of a contrast with UChicago, our alma mater, costing a little more than $200,000 for four years in 2011 and rising).
Childcare & Education $2,080 Misc. $470
One-Time Costs
Baby's First Year you'll spend: $8,650
Now those of you who know us know that we are eternal optimists. So we are hoping that it will cost a whole lot less than $10,000...
And we have a few natural or built in advantages:
1) Jon's parents will be providing full-time childcare for the first year!
2) We will NOT be moving to a bigger apartment - at least not for the first year. Instead we have split our gigantic bedroom into a combined parent room/nursery.
But here are some of the things that we aren't saving on:
1) I will be taking the full 12 weeks of my FMLA time. 1 week full pay, 5 weeks 60% pay, 6 weeks no pay.
2) Jon's income will be falling to less than half of his pre-baby/pre-graduate school income. (And at this point, we might be borrowing that "less than half his pre-baby/pre-graduate school income" income.)
At this point, a mild panic begins to set in. And so I look around for some kinder break downs. The Baby Center has an amazing cost calculator that really lets you see where the costs for baby's first year are coming from - for ongoing expenses and one-time purchases.
Based on my responses (see below), I get back a much nicer total: $4,857 (not including health insurance premiums, lost income for myself or Jon, or college savings). I will keep you posted on how our first year actuals go.
Ongoing Costs
| Childcare | ||||
| I won't be paying for regular childcare. | ||||
| Help me estimate. I'll use a: | ||||
| x months | ||||
| I know exactly. I'll spend: $ per month x months | ||||
| I'll use an occasional babysitter: $ per month x 12 months | ||||
| Diapering |
| I'll be using x 12 months |
| Wipes $ per month x 12 months |
| Feeding | |
| I plan to breastfeed: $0 per month | |
| Formula: I'll spend $ per month x months | |
| Solid foods: I'll spend $ per month x months | |
| Clothing | |
| I'll probably spend $ per month x 12 months | |
| Savings for College | |
| I'll try to save $ per month x 12 months | |
| Medicine/First Aid | |
| I'll probably spend $ per month x 12 months | |
| Toiletries | |
| I'll probably spend $ per month x 12 months | |
| Toys/Books/Media | |
| I'll probably spend $ per month x 12 months | |
Subtotal of Ongoing Costs: $4,332
| Gear $0 | ||
| item (typical price range) | estimated cost | |
| Infant car seat ($60 - $150) | $ | |
| Convertible car seat ($80 - $300) | $ | |
| Basic stroller ($70 - $900) | $ | |
| Double stroller ($100 - $300) | $ | |
| "Snap-on" stroller frame ($40 - $90) | $ | |
| Jogging stroller ($100 - $300) | $ | |
| Play yard ($59 - $150) | $ | |
| Baby backpack ($40 - $300) | $ | |
| Front carrier ($25 - $120) | $ | |
| Sling or wrap carrier ($29 - $60) | $ | |
| Diaper bag ($25 - $200) | $ | |
| Activity Equipment $0 | ||
| item (typical price range) | estimated cost | |
| Swing ($85 - $120) | $ | |
| Bouncer/bouncy seat ($30 - $70) | $ | |
| Activity center ($70 - $80) | $ | |
| Play mat/gym ($25 - $80) | $ | |
| Doorway jumper ($30 - $40) | $ | |
| Nursery $0 | ||
| item (typical price range) | estimated cost | |
| Crib ($120 - $850) | $ | |
| Changing table ($80 - $250) | $ | |
| Glider or rocker ($189 - $600) | $ | |
| Bassinet ($50 - $260) | $ | |
| Co-sleeper ($130 - $200) | $ | |
| Hamper ($20 - $60) | $ | |
| Basic bedding and blankets | $ | |
| Coordinated crib bedding set ($50 - $600) | $ | |
| Mobile ($20 - $55) | $ | |
| Dresser ($80 - $500) | $ | |
| Lamp ($24 - $70) | $ | |
| Decorations | $ | |
| Crib mattress ($60 - $140) | $ | |
| Baby monitor ($40 - $60) | $ | |
| Feeding $0 | ||
| item (typical price range) | estimated cost | |
| Bottles and nipples | $ | |
| Highchair ($60 - $250) | $ | |
| Utensils | $ | |
| Plates and bowls | $ | |
| Cups and sippy cups | $ | |
| Burp cloths (6) | $ | |
| Bottle brush (2) | $ | |
| Bibs (10) | $ | |
| Breastfeeding $323 | ||
| item (typical price range) | estimated cost | |
| Electric breast pump ($150 - $350) | $ | |
| Manual breast pump | $ | |
| Milk storage bags, breast pads, extra breast shields, ice packs | $ | |
| Nursing bras (3) | $ | |
| Nursing pillow ($24 - $44) | $ | |
| Bathing/Grooming $0 | ||
| item (typical price range) | estimated cost | |
| Baby towel with hood (2) | $ | |
| Infant bathtub | $ | |
| Tub for older baby | $ | |
| Baby washcloths (5) | $ | |
| Brush and comb | $ | |
| Baby nail clippers | $ | |
| Other $202 | ||
| item (typical price range) | estimated cost | |
| Childproofing supplies | $ | |
| Safety gates (2) | $ | |
| Diaper pail | $ | |
| Diaper pail refills (16) | $ | |
| Pacifiers (6) | $ | |
| Humidifier ($29 - $69) | $ | |
| Birth announcements (50) | $ | |
| Baby book or scrapbook ($12 - $40) | $ | |
| Photo printing costs | $ | |
| Miscellaneous | $ | |
