What You Want to Know (Part Four)

 Can You Support and Care For a Child? 

I know that kids are (really) expensive.  I've spent some serious time doing math and trying to account for the costs of diapers and formula in the early years, plus the costs of the inevitable medical and dental expenses.  It will be tight at times, and I know I'm going to have to cut back on luxuries but a child will be worth the sacrifice.  (For what it's worth, the home study also reviews my finances and makes sure I will be able to afford at least the basics.)

A Mint article based on USDA research says that the biggest expenses are housing, food, education/child care, transportation, healthcare, miscellaneous, and clothing.  For my part, housing won't change with or without a child, so that's one I'm not counting. Food costs will go up, especially during the formula years, but once they're on regular food it will be easier, if a bit more expensive.  Healthcare will go up, so I'm preparing for that.  Child Care does worry me just because of the costs, but I've got a plan for that in the form of my mom helping out so I don't have as many days to pay for child care.  Transportation concerns are far enough down the road that I'm not going to plan that out. 

To prepare and cut back on some of the expenses, I've already started buying things in preparation for the baby.  I have a few boxes of diapers and wipes- a variety of diaper brands so we can figure out what works best for them, but I'm only buying "natural" unscented wipes since a baby's skin is so sensitive; I have a handful of onesies and other baby clothes; I have a half dozen different baby bottle brands, since I've read that's something that babies might be picky about too.  I actually wanted to start to stockpile formula too, but given the recent shortages I've held off on that to make sure those who need it can actually get it- it's another one that baby could be picky about too, anyway.  

The biggest purchase I've made was the car seat- the one I wanted was highly rated for safety and also high in cost, so when it went on sale I grabbed it.  (You have to have a car seat to leave the hospital with the baby anyway, I just have to figure out how to get it to wherever you are.)  

I've been very lucky that family members have started sending me hand me downs and such too.  I have a crib and a car seat from my cousin C that her kids have out grown.  The car seat has expired, but I'll trade it in at Target when they do their big sale.  (You get a coupon for a discount if you trade in old car seats.)  I have another car seat from Aunt C, whose granddaughter has outgrown it, that I'll leave with my parents, since they're going to be babysitting often.  Aunt A's grandkids are a bit older so she didn't send much for babies, but she did send down some books and toys for toddlers.  

Graduation Day! with my baby brother.  (Yes, my hat's on backwards, but I didn't realize that until too late!)

Higher ed is expensive, so I've already been thinking about that too.  My goal is to start an education account for the child as soon as they are born.  My aunts are doing that for their grandchildren and my parents are contributing to those funds at Christmas and birthdays instead of doing gifts, so I think they would probably do the same for my little one too.  Ideally it will be something that they can use for college or for a trade school or whatever will help them most when they have finished high school.  (I'd like my child to want to go to college, but I know it's not for everyone, so I would be happy if they went into a trade if that worked better for them.)

Obviously, I can't plan for everything.  I can't predict the future to know how much diapers will cost when the baby comes along, or when they'll make the transition to potty training so I can cut that cost out.  But I do want you to know that I'm thinking about these things, and planning for it as best as I can.