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Planning a Family? Plan Your Finances Too

written by: Varun Walia•edited by: Elizabeth Wistrom•updated: 9/10/2010

In today's economy, calculating the average cost of having a baby has become a crucial step before conception. Considering the fees of child-care services far above the ground, planning out the finances happen to be an indispensable stride. Read on to learn more.

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    Having a baby is priceless; though thinking beyond the emotional aspects, it might turn out to be an expensive endeavor. So, finding out the average cost of having a baby becomes a smart move before planning any further. If ample financial planning is not carried out, the entire pregnancy and first 12 months might grow to be dreadfully costly!

    Before you come across this major transition, from being a spouse to being a parent, just sit back and jot down a few essentials which you might not be able to discover without scrolling down this article.

    There are some pre-baby and post-baby expenses that every couple needs to consider before bringing a child to this world.

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    Pre-Natal Healthcare

    • The mother and the fetus need special medical care before the delivery. Regular visits to the doctor, cost of medication and food supplements, ultra-sonography and diagnostic tests together club-up to be a huge expense. Apart from these, critical pregnancy cases, and other health-related problems during this phase can add up a lot more to the fund requirement for healthcare.
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    • An average cost of baby delivery differs from region to region and hospital to hospital. However, high-risk pregnancies will definitely end you up paying higher than expected in a normal delivery. Hospitalization, C-Section and Incubation for the infant are a few severe cases that should be kept in mind while setting a budget for pregnancy and child birth.
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    Vaccinations And Baby’s Doctor Visits

    • Although most of the vaccination and child health care expenses are borne by the insurance company, however, the increased health insurance premium during pregnancy is a huge amount worth a mention. Heaven forbid, if the baby has medical problems; but this might add-up a considerably large amount to the total baby health care expenses.
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    Baby Supplies And Equipment

    • Bringing home a baby also means bringing along a carton full of baby supplies, may it be wipes, diapers, baby essentials, like talc, lotion, soap and shampoo, towels, bay clothes, cot or bassinet, a rocker, and the list goes on. And if you prefer to bottle feed the baby instead of breastfeeding, add another item to the list! Most of the items are high on consumption and are required in large volumes, specially diapers and formula milk. On an average, a baby consumes 300 diapers and 5 cans of formula milk in a month. There are also some big-ticket baby products such as baby care books, toys, rattles and teeth soothers, baby gym, walking aids, stroller and a car seat.
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    Maternity And Baby Clothes

    • Once conception is on the cards, shopping becomes another top priority ‘to-do task’, may it be for the pregnancy or to be used after the baby arrives. There are several maternity clothes available to make the ‘to-be mom’ feel comfortable and well-groomed, while looking at the baby section can be quite irresistible. Baby clothes are as appealing as expensive they actually are. Anyhow, no matter how conscious you might act, you will certainly end up carrying huge packets back home!
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    Maternity Leave For Working Women

    • If the woman has been working before pregnancy, maternity leave might turn out to be a huge cost to bear with, as during most of the pregnancy and a few following months, she will not be bringing home any salary.

    All these factors add-up to cost a fortune, but indeed, a baby is worth it all! Plan accordingly, and prep your finances as well as your body before starting a family. The experience will certainly remain for the lifetime.