Responsible parenting is a matter to be considered prior to a baby being born. Parenting should always be an enjoyable, if somewhat challenging, experience but the financial costs of ensuring that a child is well cared for and has the best possible start in life are significant. Whilst the cost should in no way preclude parents from having a baby it is essential that cost implications are given considerable thought. This article examines the essential financial cost of having a baby, to enable prospective parents to improve their financial planning process to give their child the best possible start in life.

1. Nappies

There is much debate about whether disposable nappies are better than the re-washable material type, but the cost differences are not significant. The cost of using energy to wash material nappies is about equal to those involved in producing the plastic type. The biggest cost is to the environment as plastics are not biodegradable and they clog up landfill sites and will undoubtedly leave future generations and most probably your baby or child with a waste management headache.

2. Maternity Leave

Most employers now offer good maternity packages but even the best do not contribute a significant income. The loss of earnings during the period on maternity is rarely factored into the associated cost of having a baby, but it is often one of the largest financial planning implications. Prospective parents should think about how they intend to deal with this difficult cost issue before making the decision to have a child. This is especially important as many of the issues associated with having a baby are related to personal finance pressures and lack of money.

Money Saving Tip: Think about whether you and your husband/partner would be able to manage on one income and if in doubt, consider building a healthy financial safety net to help get you through the precious first few years of your child’s life before you have to consider returning to work.

3. Moving House

It is often the case that couples seek to move house to a bigger property prior to having children in order to accommodate their growing family unit. This can be very expensive business, costing thousands of pounds in fees and additional mortgage repayments associated with upgrading your property. For those who decide to stay put, then redecorating a room for use as a nursery can set the average family back between £300 and £1000.

The financial cost of having a baby can also add an additional burden to your household food bills through the purchase of specialist baby foods, milk or formula for your baby.

Money Saving Tip: A great money saving tip is to make your own baby food by using your food processor. Whilst there is a time consideration to factor in, there are also many benefits. Firstly, you know the exact ingredients that have gone into the food and you can be sure that no one has tampered with it. Secondly, you can often buy raw materials in bulk and gain from the cost savings of doing this rather than the expense of purchasing individual pre processed food. Thirdly, you can safely expose your baby to a wider variety of foods as you are not limited by the mundane varieties in the shops. This can only help set your baby on the right path to a healthy lifestyle and enable them to benefit from a greater range of nutrients and vitamins.

5. Baby Clothes

Parents know just how quickly babies grow and frequent clothing changes are often required which adds to the financial cost of having a baby. Many parents fall into the trap of buying baby clothes in the same way that they would buy clothes for themselves. This can often lead to the unnecessary pressure of getting the latest designer labels, but for what purpose? It is unlikely that your baby is going to thank you for the best fashion items and accessories and does it really matter what other parents think if your baby isn’t dressed in Gucci shoes?

Money Saving Tip: Try asking friends and family for hand me downs as this is a great way to reduce these costs. Alternatively try visiting charity/second hand shops. After all, babies rarely have an image to maintain at that age.

6. Specialist Equipment

Babies often need specialist equipment to improve comfort or keep them safe and these all add to the financial cost of having a baby. These include prams, pushchairs, baby monitors, baby carriers, car seats, sun blinds, potties, bottles, dummies and numerous other items. All of these can add thousands of pounds to an already stretched budget.

Money Saving Tip: Once again friends, family or second hand shops can be invaluable source for obtaining these items and reducing the cost associated with having a baby.

7. Toys

Children often get bored with toys very easily or as they rapidly grow need different stimulus. Frequent changes of toys also contribute significantly to the financial cost of having a baby.

Money Saving Tips: Consider joining a toy library. These are often run by local community groups and are a great way to get access to a huge range of toys at a minimal cost. You simply choose the toy you want to loan and then return it within a week.

Alternatively why not shop for your preferred toys online and save money. There are a number of reputable websites that offer you cash back when you make a purchase through them. This can range from between 2 and 15% of your purchase which can add up to quite a tidy sum. You can read more about this with our helpful money saving guide How to save money with cash back shopping sites .

You could also try a specialist toy supplier such as www.justchildsplay.co.uk or www.toyday.co.uk. These sites often buy in bulk and can pass on significant discounts to you on each purchase you make.

8. Childcare Costs

Over the period of time your baby is growing up it is likely that you will need a babysitter or take your child to a nursery or play group and these costs are often expensive.

Money Saving Tip: Try to build yourself a financial safety net before you plan on having a baby so that you don’t feel pressured to return to work too soon. This can often save you thousands of pounds on child care costs and give you that little extra time with your baby if you want it.

Summary

This article tried to explore many of the financial costs of having a baby. This information is not designed to deter parents, but to enable them to understand the importance of sound financial planning prior to becoming a parent. Children are important and deserve the best possible start in life, failure to do so can bring hardship and relationship difficulties and drastically shape the future of your child’s life. Responsible parenting should commence before the child is born and that is why we have also tried to provide you with a range of money saving tips to help you wherever possible.

There is an excellent professional article available through the BBC which can provide even more information on this important subject View Here. You can also find some helpful tips for natural parenting methods through the Natural Parenting Forum.

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