Entering Parenthood: Discover the 4 Costs of Raising a Baby

Many couples believe that adding children to their lives can be one of the most rewarding experiences. Watching a child grow up and helping them through the difficult times is an exercise in patience and determination.

But not many couples are aware of the costs that are associated with raising a child from birth to adulthood. Better family planning has made it easier for young couples today to manage their finances more wisely, but it can still be an economic burden, as surprises can still rear their ugly heads. Here are four costs you can expect after your new baby has been born.

1. Housing and Food

You may have been used to living in a single flat with just you and your partner, but things change when you bring a child into the world. They will need their own space, considering they’re not going to stay a baby forever, and you’ll also need room for all of their belongings. A crib, feeding blankets, toys, diapers, clothes… It can be a little overwhelming but planning ahead will keep you heading in the right direction. Looking into renting a bigger space will definitely help you out.

Food alone will also cost somewhere between 3,000 to 4,000 INR each month, so that’s another thing you have to budget into your monthly allowance. Even if you decide to breastfeed instead of buying formula, the mother is going to need a rich diet to keep the baby healthy. To protect yourself financially, it might not be a bad idea to have life insurance plans in place.

2. Maternity Leave

If both members of the couple are working, then it can be a strain on finances for the woman to go on maternity leave. Less income is being brought in, and there’s also the question as to whether the wife will choose to return to work after the maternity leave is over. If so, the husband will end up being the sole provider, which can still cause a strain on finances with the costs of raising a baby. Having the best term insurance plan in place can help should an emergency arise, as that’s less money out of your pocket for you to worry about.

3. Hospital and Medical Expenses

Even before the baby is born, you’re going to be making a lot of trips to your doctor as well as to the hospital when you’re giving birth. For tests to ensure the health of your child, it can cost anywhere from 5,000 INR and more; delivery at private hospitals costs upwards from 20,000 INR. You’re definitely going to need to save for the future.

4. Unexpected Expenses

Nobody is aware of the child’s physical or mental condition until the due date, so health complications can be something you’re not prepared for. These complications can affect either the mother or the baby or both and can lead to further expensive tests to ensure their health.

In just a year alone, before the baby has even been born, a couple may spend as much as 150,000 INR just to ensure the baby’s health and to take care of all the costs related to pregnancy. This is a lot of money to consider, so it’s important to make sure that you’re financially sound before you decide to take on this kind of responsibility.

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