Baby Budget Template: What to Include and Some Tips
Do you have a newborn or are expecting one? If you do, you should start preparing especially financially. The better prepared you are, the less likely you will be shocked by how expensive a baby can be. To prepare for the budget, you should make or find a baby budget template. It will certainly help you prepare.
Items that Should Be Included in the Budget
Below are some of the most important investments and purchases in the first year that should be included in the baby budget template. Keep in mind that the amount of money you plan to spend is likely to be different from the amount you actually spend. That said, the estimate should help you be prepared for what is to come.
The following are one-time expenses, which means you will only do the purchase once.
- Decorating or remodeling a room for a nursery
- Crib mattress, skirt, and blankets
- Changing table
- Rocking chair
- Safety gates
- Baby monitor
- High chair
- Baby bathtub
- Bouncy chair
- Nursing clothes
- Medicine kit
- Baby sling or carrier
- Diaper bag
- Car seat
- Salary loss from maternity leave
- Writing or rewriting will
The following are the monthly expenses that you should include in your baby budget template.
- Formula and food
- Extra laundry costs like detergent, water, and electricity
- Child care
- Life insurance (for the parents)
- Medical insurance
- Disability insurance
- Medical bills (bills that are co-pays and uncovered)
- Education savings
- Contribution to savings
Here are some tips that we think will be helpful for new parents.
- Use a budget template that you think fits you the most. While there are many common expenses, each baby’s needs are different. Find a template that fits you and customize if needed
- If you are expecting a baby, you might want to start budgeting from pre-natal stages (check-up and hospital bills, for example)
- The budget should be based on your financial capability to provide your baby. It should be as realistic as possible
- List only items that are necessary. Avoid including luxuries that you can’t afford
- Determine what the baby needs after they are born. This includes baby’s foods, hygiene, clothing, care, etc.
A baby is expensive. Having a baby budget template will help you get prepared for what is to come. Although the money you plan to spend and you really spend might be different, a template will certainly help you to estimate and be prepared. The items we listed above should help you get started with your budget template.