So I'm trying to figure out some sort of budget for the first year of my sons life (due in Feb) but I haven't found anything helpful online so far. All I know for sure is that daycare will be about 1.4k a month. We live right outside of NYC so things are a little pricier than your average area. Anyone have any input on what 1 kid costs a year assuming all the necessary stuff is purchased up front (crib,bottles,stroller, etc)?
Look, I'm sure it's possible to narrow it down, but really, it's hard to truly know how much your kid is going to cost you as expenses love to pop up at random.
Some examples:
- Is your kid sick all the time or healthy? Time at the doctor, medicine, hospital visits (I've known a few people who spent most of the first year at the hospital), time you have to take off to take care of them etc. Allergies, accidents, etc... It's really an unknown and can vary.
- Outside help: Do you have family to help when needed or do you need to pay a babysitter? How often do you need said babysitter? Do you hermit away for awhile to avoid paying for babysitters (I've been to like 5 movies in the last 2.5 years)?
- Sleeping: Full blown out nursery or just sleep in the same room as you? My son and my daughter slept in a basinet by our bed until around 3 months when they switched to a crib (also in our room, supposedly helps lower chances with SIDS) until around 7-8 months. They didn't move into their own room until close to 1 year when they needed the extra quiet. A fully decorated nursery can cost a ton.
- Clothes and toys: how much you need to buy vs. how much is given to you. How often you see something adorable you just have to have. What tastes in toys your children start to lean towards and what that entails.
- Breastfeed vs. formula: We tried to breastfeed both our kids for the first year, but my wife's production of milk just quit after the first 7 months for my son which added literally hundreds of dollars worth of formula onto the budget.
- How many activities you sign them up for: Only daycare? Infant music time? ECFE classes? Swimming class? Baby Yoga? Expensive trip to the zoo vs. walk in the park. All these can vary based on your moods.
- Photos: I've known people who have spent a small fortune on professional pictures during the first couple years. (I think they're crazy, but I can't knock how someone else wants to celebrate their child)
Anyhow, a kid
can be incredibly cheap, especially the first year if you're super frugal as all they really need is to be with you to be happy, but you can go crazy all out and spend thousands. It's all up to your own personal tastes and wants for your kid.