The Finances of Pregnancy and Parenthood

 
When planning to conceive it is important that the mother consider her finances. The cost of pregnancy and parenthood is great. Children are expensive and typically a family can expect to spend a quarter of their income each year supporting them. That being said, a lack of finances should not keep the mother from having a baby. While many women and couples chose to conceive once they are older and more financially secure, many others have children when they are still trying to gain financial independence and stability. These people are still able to raise their children and live life. The point is that while it is important to plan ahead financially when having or thinking of having a baby, a lack of finances should not be a deterrent to parenthood.

These considerations are tied largely to the decisions the mother must make regarding her work and career situation during and after pregnancy. It has been estimated that the average cost of raising a child until the age of 18 is $250,000 (with inflation). The mother should consider beginning putting money away to help pay for the costs of the new child. This can be part of her preconception preparation.

Finances will be different from person to person and between families. The majority of people will find that the financial costs of a child will be difficult to adjust to and will affect other areas of life as well, as money spent in entertainment or vacations is funneled towards a child.

What to Buy: The Basics

The first few months of parenthood can be trying but are made much easier when all of the essentials are at hand. Do not be fooled by advertisements and sales people attempting to take advantage of the mother's lack of knowledge in this area. Babies need surprisingly little in terms of material goods. the mother should have:

• A crib or cradle for the baby to sleep in
• Bedding including sheets, mattresses, and blankets
• Baby formula if the mother is not breastfeeding
• A car seat
• Clothing: This should include jumpers, shirts, hats, socks, and pajamas
• Carrier or sling in which to carry the baby
• Diapers
• Stroller or carriage
• Swing (not a necessity)
• Breast Pump
• Pacifier
• Thermometer

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