This is a sponsored guest post.
Parenthood is notorious for being eye-poppingly expensive. For starters, if you live in the United States, there are countless costs associated with giving birth to the baby. If you’re a citizen of a country with a universal healthcare system, your upfront costs for the birth will most likely be minimal; but, either way, beyond that there will be an ongoing stream of additional expenses for the 18 years or so following the childbirth.
Once you give birth, there is no getting around the fact that you’ll either have to pay for childcare or provide it yourself. Either way, you’ll be sacrificing much of (or all of) one income in order to provide care for your child.
So how do ordinary, non-billionaire parents manage to afford children, anyway? Consider the following tips for how you might be able to make it work:
- Get a Good Health Insurance Plan
Many US residents find that paying for childbirth out-of-pocket is prohibitively expensive. Family health insurance is one of the most common ways people defray the costs of giving birth in a hospital. If you have a full-time job, or your spouse does, you may be covered under an employer-sponsored health insurance plan. If not, you might want to consider taking out a policy independently.
It’s also possible to choose a home birth experience, which eliminates costly hospital bills and therefore tends to be far more affordable. On average, an uncomplicated, routine home birth costs 68 percent less than a comparable hospital birth. That’s a huge savings!
Outside the USA, many countries offer universal healthcare, so the upfront expense of childbirth is less of a concern for their citizens. In Australia, women have a choice between using the public Medicare system or the private healthcare system. Many people choose to pay privately for family health insurance, which gives them the opportunity to choose their own doctor and enjoy the comfort of a private hospital room.
- Brainstorm Ways to Minimize After-Childbirth Expenses
You can spend a fortune buying baby furnishings, clothes and gear, but you don’t have to. Here are some ideas for minimizing your after-childbirth expenses:
Choose Cloth Diapers Instead of Wasteful Disposables
Diapers are a sizable expense for new parents. Whether you choose disposables or cloth diapers, either way, you could expect to spend a bundle on them. But in the long term, it’s possible to save a substantial amount of money by making the upfront investment in cloth diapers.
The downsides are that cloth diapers are a lot of work to keep up with, and you tend to spend a lot more money on laundry detergent and water bills than you would if you were to use disposables. Even considering those extra expenses, most parents find that the math works out in favor of cloth diapers. The experts at the Consumer Reports website estimate that you’ll spend a minimum of $1,500 to $2,000 on diapers within the first few years of your baby’s life if you choose to go that route. In contrast, with cloth diapers, you have only the upfront expenses of the diapers and some gear like diaper pails and wet bags, plus the ongoing expenses of laundry soap and water for washing the diapers. You’re likely to only spend hundreds rather than thousands, so it adds up to a substantial savings.
Buy Baby’s Furnishings Used
Babies grow out of their gear super fast, and you can usually find parents who are willing to sell or give away their babies’ outgrown clothing, toys, cribs, strollers, high chairs and other gear. Take advantage of local thrift stores, Craigslist and resale sites to find bargains on anything you need for your little one.
Breastfeed Instead of Formula Feeding If Possible
There will be costs associated with feeding your baby, regardless of the method you choose to use. If you choose formula, obviously, you’ll have to pay for it plus bottles. Breast milk is free, but if you breastfeed, your caloric intake will need to increase – so your grocery bills will endure a corresponding boost. Still, most new moms find that breastfeeding is far less expensive than formula feeding is, even considering the extra expenses for mommy’s food.
- Consider the Possibility of Working From Home
Perhaps your family couldn’t comfortably survive on a single income. If that’s an issue for you, give some thought to whether you could work remotely. Growing numbers of people are working from home. Many companies are empowering their workers to do this right now.
Doing your work at home does have its challenges, but it’s doable. It’s an option that would allow you to keep money flowing in while you still ensure your kids are cared for.
- Start or Maintain a Savings Fund Before You Get Pregnant
Ideally, you’ll want to build up your savings ahead of time so there will be money available when you need it after the baby is born. The experts at US News recommend having a savings of at least $5,000 available before you get pregnant.
The Bottom Line
It isn’t cheap or easy to raise a child; so, before giving birth, it’s essential that you give much thought to how you will pay for the baby’s expenses. Hopefully the above tips will give you some practical inspiration for how to accomplish this.
