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Wondering how much it costs to have a baby?
Some research shows just having a baby can cost over $9,000- not including feeding and raising your baby afterward!
When you’re expecting, it’s always best to prepare financially and start budgeting with money management apps like Personal Capital and Mint.
But knowing how much you need to save to get ready for a baby can be hard to estimate on your own. We researched for you so you can focus on enjoying the process rather than worrying about the money.
Here’s everything you need to know to get a better idea about the true cost of having a child.
How Much Does It Cost To Have A Baby
Typical Cost: $2,000
Many couples start thinking about how much it will cost to have a baby once they begin trying to conceive.
The initial costs of maternity care coverage can be significant and must be factored in beside the cost of the child.
Without insurance, pregnant women pay out-of-pocket costs for prenatal care, delivery, and postnatal care. And some couples may need additional help to conceive, which will add to maternity or paternity costs.
Pregnant women’s prenatal care typically includes regular doctor’s visits for check-ups with an OB-GYN, screenings, tests, and ultrasounds. The visits can range from $100 to $200 per visit.
You may need vitamins or have other prenatal recommendations for your doctor to add to the true cost of having a baby- before you even start looking at delivery costs or the costs of a baby after birth.
BONUS: Some people at this stage also revisit their living situation and decide if they need a bigger house to fit their future family members! It may be something you need to consider early on as you’ll want your baby to have space- and you to have yours.
Typical Cost: $9,000 – $17,000
Down below, we will go over more about the costs of giving birth, but here is a quick
The cost of birthing can vary widely depending on the type of delivery and whether it is done in a hospital, at home, or at a birthing center. These prices of the hospital bill can vary significantly depending on the state in which you live.
The average hospital stay for vaginal deliveries is two days, while the average stay for cesarean sections (c-sections) is three days. In addition, if you have a c-section or other complications during delivery that result in longer hospital stays, your bill will be higher.
Typical Cost: $13,186 per year
Newborns require a lot of care, and that can be expensive. The price of diapers and wipes can add up quickly, primarily if you use disposable diapers. If you use cloth diapers, you will still have the expense of washing and drying them.
In addition to diapers, you will also need to budget for formula and food and clothes, and other essentials like a car seat and stroller.
Typical Cost: $14,846 per year
Having a toddler can be expensive. It is due to various factors, including daycare, health care, and general family expenses.
Toddlers are full of energy and need constant supervision, which can be costly both in time and money. Parents often replace clothes, toys, and furniture more frequently than they did when their children were younger.
Costs can vary depending on whether you use a daycare center or a babysitter. Health care prices can also fluctuate depending on the child’s health.
Typical Cost: $233,610 (birth – 17 years)
Minus the cost for the first three years of a child’s life ($28,032), you may spend $205,578 for raising your child from age 4 – 17.
As your child grows, so do the costs associated with having a family. You can expect to see increased daycare and general living expenses during the elementary years.
Costs often rise during the elementary years as parents often need to use before and after school care and summer care.
You’ll also want to save for college. Start by putting small amounts into a savings account. Gradually increase the amount when you are able.
Giving Birth: Costs
Having A Single Baby
Typical Cost: $9,000 – $17,000
According to a study published by FAIR Health in 2018, the average amount of a complication-free vaginal delivery in the United States is between $5,000 and $10,000.
The price has gone up since 2015, when a Health Affairs study found that new mothers would pay an average of $4,500.
Business Insider wrote that, on average, the hospital stay and all the work for a single baby birth was almost $11,000 in 2019 after insurance.
The final amount you will pay varies based on the insurance plan, inflation over the years, the hospital where you give birth, and the delivery type.
A study published in The American Journal of Public Health found that, on average, an uninsured woman pays $18,000 for a vaginal delivery and $28,000 for a C-section.
Having A Set Of Twins
Typical Cost: $15,000+
Having a set of twins can be pretty expensive, especially if you have a longer hospital stay for an extended time. The cost of having two children can be over twice the amount of a single delivery.
Additionally, you may have to pay for extra ultrasounds and other tests to ensure that both babies are healthy. And if one of your twins is born prematurely, the health care bills can skyrocket because of more extended hospital stays.
Fortunately, there are a few ways to help offset the childbirth costs of having twins. Many hospitals offer discounts for multiple births, and many health insurance health plans will cover some or all of the expenses.
Health Insurance Coverage
If you have health insurance, your insurance company will likely cover a portion of these childbirth expenses and hospital bills.
You’ll want to do healthcare research to find hospitals to go to, but you also want to know what your plan covers when having a child.
The Affordable Care Act (ACA) requires all health care insurance plans, including private insurance, to offer maternity coverage, which can help offset some pregnancy expenses but not all.
In addition, ACA plans must cover well-woman doctors visits, breastfeeding support, and screenings for gestational diabetes, among other services.
Your health insurance policy may cover some or all of the medical costs associated with childbirth expenses and postpartum care.
However, many policies have exclusions for specific procedures.
And even if your insurance coverage includes the delivery, you may still be responsible for paying hospital fees like overnights and doctors’ bills for care after birth.
Baby Essentials To Pay For
During your pregnancy, it’s natural to want to splurge on newborn clothes, nursery furniture, and all the latest gear.
But that’s not good for money management!
For example, you can buy in bulk at a store like Costco or Sam’s Club or take advantage of coupons and sales.
Here are the top categories you’ll need to buy and a few tips to save money or buy wisely:
Typical Cost: $840 per year
Diaper costs are one of the most significant expenses you can have when your child is a baby. Disposable diapers are made with absorbent materials that help keep moisture away from the skin.
Many people like to use cloth diapers. Be sure to factor in the cost of washing and cleaning them.
Typical Cost: $50 – $120 a month
When it comes to feeding your new baby, you will need a few essential items. First, you will need a supply of formula or breast milk. If you are formula-feeding, you will also need a bottle and nipples.
You will also need a high chair or some other seat type that securely straps your baby when the baby eats. A high chair can range from $30 to $200. Save money by checking with family members to see if they have one you can borrow.
Finally, you will need a supply of food that your baby can eat. You can either make your baby food or buy it pre-made. These might include pureed fruits and vegetables, rice cereal, and mashed potatoes.
Savvy tip: If you make your own baby food, use a meal planner to help you plan the foods you will make.
Typical Cost: $2,000
There are a few essential items that every nursery needs.
Firstly, you need a comfortable crib or bassinet for your baby to sleep in.
Secondly, you need a changing table or mat to make nappy changes easier.
Thirdly, you’ll need plenty of storage for all of your baby’s things. A changing table with built-in storage is ideal, but a chest of drawers or bookcases will also do the trick.
Typical Cost: $6,500 in a lifetime
Toys come in a wide range of styles and price points, so choosing safe and age-appropriate activity center toys is essential.
For newborns, simple items like rattles and teethers can be entertaining and soothing. Check if a family member may have some hand-me-downs they can give you to save on toys they may outgrow anyway.
Typical Cost: $40 – $280
Choose car seats that are appropriate for your child’s age and weight, plus meet all safety standards. You will also need to ensure that the seat is correctly installed in your vehicle to be safe.
The price of a car seat varies depending, but an app like Capital One Shopping can help you find discounts on a car seat!
Typical Cost: $50 – 800
When choosing a stroller, consider how often you’ll be using it and what types of terrain you’ll be using it on. A lightweight stroller will do the trick if you use it primarily for walks around the neighborhood.
Consumer Reports says a designer stroller can set you back nearly $1,000 for the heavy-duty kind! Use an app like Honey to let you know when the price drops!
Typical Cost: $14,117 per year
Child care can be a significant expense for families, and the costs have risen significantly since the pandemic.
In 2020, childcare prices were around $9,977 a year compared to $14,117 annually in 2022, a 41.5% increase in only 2 years!
There are several ways to plan ahead and reduce the financial impact, including asking a family member to help, finding affordable care options, using government assistance programs, and negotiating with employers for child care benefits.
Schooling & Activities
Typical Cost: $10 – $3,500 a year
The cost of schooling and activities for the kids can be expensive, and there are fees for extracurricular activities such as sports, drama, and music.
If your child wants to participate in these activities, factor the extra money into the budget. There are also expenses associated with school trips and events.
Saving Up For Your Bundle Of Joy
All of the expenses for your bundle of joy can quickly add up, so start saving with some of these tips:
The bottom line is that having a baby is a big financial responsibility. But with a bit of planning and budgeting, you can make sure that you’re prepared for the added expenses.
To help keep child-rearing costs under control, create a baby budget. Include any baby expenses, not just diapers, formula, clothes, gear, and daycare.
We’ve given you some estimates for key items, so get all of them written down to estimate your total baby expenses.
You may experience sticker shock seeing how high your expenses will get, but don’t forget the use these other tips to make your bills more manageable.
Plan and set aside money each month to make sure that you’re prepared when the time comes.
Buy Early- With Coupons!
You will want to start stocking up for your new bundle of joy to get the house ready. A great way to save on food is to use coupons or cash back apps like Ibotta.
A good money hack is to use printable coupons online for just about anything you need. Be sure to sign up for newsletters from your favorite stores to be the first to know about sales and special offers.
You can find everything from clothes to furniture to toys when thrift shopping. Items in good condition could save you thousands when your baby is little.
Look carefully at the items, wash them thoroughly, and you’ll save money instantly.
It’s very tempting to buy everything you know you will need before you need it. But wait!
You will probably end up with more clothes than your baby actually wears because they outgrow them quickly.
To ensure that you’re not overspending, start with a few basic items, then buy more as you need them.
Plus, as your child grows up, there are more resources they may need more than clothes and toys, and you want to make sure you have money set aside for whatever their needs may be.
How much does it cost to have a baby? As you can see, many different expenses go into having a baby and throughout your child’s life, totaling over $200,000 for many parents.
If you’re expecting your first bundle of joy, start preparing now to get that number much lower!
Get items on sale or with great discounts with Honey, and get your budget started early to stay ahead of the game.
Look for ways to save on the items you’ll need, but most importantly, enjoy this special time in your life!
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