When you have a baby, you have a lot to think about – sleepless nights, how to put a nappy on, or whose eyes he or she has. What you’re probably not thinking about is how much raising this child is going to cost you. But perhaps you should be.
Take a deep breath. There are initial, very integral set-up costs and then there are the month-to-month costs.
Initial set-up costs:
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The nursery: a cot, carry cot, change table, chair, curtains, décor and other necessities. If you’re lucky you may get some of them as heirlooms or gifts.
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Dummies
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Bath
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Toiletries
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Clothes to start: although this is also a favourite baby shower gift!
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Play Gym
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Blankets and linen
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Daily items: The things you use on a daily basis are cotton wool, shampoo, soap and cream. A roll of cotton wool can last you up to two months, a small bottle of shampoo for four months, soap for three months and cream for around six months.
Then there are your monthly expenses like:
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Medical Aid
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Huggies® Nappies
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Clothing
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Toiletries
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Vaccinations
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Huggies® Wipes: but you can use a clean wet face cloth in place of the wipes.
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Barrier/ Bum Cream
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Nappy Bags
Once your child starts on solids (between 4 to 6 months) you will also have to start buying food. For veggies and fruit, you can use fresh produce and prepare your baby’s food yourself. It’s more nutritious and cost-effective!
Raising your child on a budget
The more you earn, the more likely you are to spend more on your children. You will want to spoil your child, and if you can afford it, do it. But remember, the only thing your child actually needs is love (and the essentials, of course).
The other thing to consider is that the costs associated with kids change as they age. In the first 18 months there’s a big spike in expenses and, after two years, it flattens out, increasing slightly every year.
While there are basic costs involved in having children (and yes, these costs can sometimes take your breath away), there are steps you can take to ensure you’re not at the top-end of that figure.
Having a “future plan” in place for your finances is a good start.
Don’t let food go to waste – rather freeze those left-overs. Even that extra chicken drumstick can come in handy as lunch. Food is a huge cost in raising a child, yet the average person ends up throwing out 500g of food per person per day. If you can prevent or even reduce your food wastage it is going to help you lower your living costs.
As children get older, it can also help to have a clearly-defined line between “wants” and “needs”. It may be a good idea for all of us to consider this. Do you really need that brand-name or will something that costs a lot less do just as good a job?
Try to teach your child from an early age that money doesn’t grow on trees, and get them accustomed to the monetary value of items like toys and clothes. That way they will learn to appreciate what things cost, and may even feel inclined to save up their pocket money for a particular item they want.
Most parents have no idea what they’re getting into financially when they have children. If a baby arrived with a bill, you’d be worried. Yes, it’s daunting. And yes, being a parent requires a lot – a lot of love, patience and money. But it’s definitely all worth it!
