First baby budgeting and category tips?
Anyone have tips to share on editing the budget or adding categories ahead of first baby's arrival?
We have so little idea of what to expect 😂 that I was thinking of just creating "baby needs" and "baby wants" for now. We already have a medical/FSA category that covers health expenses.
Congrats Cadet Blue Cobra ! What a great addition to your budget! 😊
In my house, our babies didn't need a lot of stuff, but lost income as a part-time employee was one large expense that I might have overlooked when thinking about "baby expenses".
I think you'll find this blog post really helpful: How Much Does It Cost to Have a Baby? See My Budget.
Diapers were about $50/month for us. Formula was around that as well. We had to purchase furniture and durable supplies — crib, car seat, bouncy things, changing table, etc. We also had over the counter pharmacy items like diaper cream, Tylenol or ibuprofen (for baby? Parents?), teething items, etc. Loss income is great if you need that — we did, as we own our own services business and had a single income source (no work, no income, no other safety net). Also consider baby toys, videos/subs, clothing. Clothing! That was huge for us as we didn’t have the luxury of hand me downs and baby clothes are RIDICULOUS. Cute. But ridiculous. We shopped second hand stores as much as possible. But still. Especially since they grow like crazy. Let’s see. It’s been a minute for us. Ummmmm. Baby sitter? Oh… A category for the new kitty (s)he will ask for with adoring eyes and that you’ll have to get because s(he) is wearing the cute baby clothes you went broke purchasing and you just can’t help yourself because the baby is just so danged awesome. My biggest takeaway from that time is to just be flexible with the budget. Let it grow up with baby and baby needs. Save as much as you can. By the time they’re two and you want to get a swing set for them you’ll be thankful. Oh, and college savings. Retirement savings because by the time you get there you’ll be worn out and ready for a nap or two.