What Will Your New Baby Cost You the First Year?

Are you ready for the arrival of your new baby? If you are having a baby this summer and most births in the U.S. occur in August and September followed by July, your baby will be one of 700,000 babies born this summer. September 16 has been the most popular birth date in the last twenty years. So if you have a baby this summer, the U.S. government estimates that middle-income parents of infants will spend at least $242,000 each to raise those babies to age 18 — and that's before you factor in college tuition.

Summer is harder on the pregnant mom; but it is certainly easier on the new baby and the family budget. Winter brings on higher heating costs, more clothing for the baby and of course, higher colds, illnesses and respiratory infections that baby is likely to be exposed to and ;therefore, more medical bills. But no matter which month your baby is born ; there are certain basic requirements and here are some of the average costs. You need to have a nest egg available for these additional expenses because at the same time as your expenses increase, your household income may decrease if both spouses work. No matter how generous a maternity or paternity leave benefits ; the parent never knows for sure when they will be able to return to work.  

• Nursery furniture. For a basic setup — crib, mattress, changing table, and glider chair — you'll pay at least $150 for each item, and that's if you're an eagle-eyed bargain shopper. If you're dying for a chic, super-deluxe look, set aside $3,000 — just for the crib and six hundred dollars for the bumper, dust ruffle and blankets. Painting the room a special color; area rug or new carpeting can be major bucks and adding art work - the sky is the limit.

    ..High chairs and strollers  Can range from $100  for high chair and $200 to $1000 for a stroller    

• Car seat. An absolute must (can't leave the hospital without one!),  are something you'll need to purchase new to ensure safety. Figure on spending $90 to $350 on a new  one. If you want a fancy cover for the plain Jane car seat -  or to refurbish your old one you can figure $100 - $300
• Diapers. Baby will dirty 2,500 diapers (yuk!) at a cost of at least $600 for disposables. Cloth diapers from a diaper service are comparable; if you buy and wash your own, you'll save big (although your water and electric bill will go up, and you'll need to stock up on detergent).A baby wipe case to carry the diaper wipes can be an additional $50
• Formula/food. Naturally, breastfeeding has big health as well as cost-saving benefits, though you'll still need to invest in nursing bras (about $20 to $50 each or more) and a pump (from $20 for a simple manual model to $250 or more for an electric double one).There are extra costs for lactating specialists who will assist you with getting baby to "latch on". For a year's worth of formula, count on spending $1,500 to $2,000 or more, depending on the brand. Bottles run about $5 apiece, and your baby might go through a few different models before finding one he or she likes! If the baby is allergic and you need special soy or lactaid free formulas the price goes up
• Clothing and other accessories. Layette items add up. For a list of essentials for baby's first year check out. http://www.namelynewborns.com/resources/#layette And then there are other  essentials like bouncy seats, swings, and diaper pails to consider. The good news: Friends and family will most likely fill your nursery and your little one's closet with gifts. To encourage that trend (and ease your baby budget burden), take advantage of gift registries.

Another major expense is child care. According to a recent survey by Care.com an online matchmaking service for family and caregivers, 84% of single parents work and 63% of two parent households have two working parents. So if you don't have a live-in housekeeper or a wonderful grandparent, day care may become a necessity. The average cost of center-based daycare in the United States is $11,666 per year ($972 a month), but prices range from $3,582 to $18,773 a year ($300 to $1,564 monthly), according to the National Association of Child Care Resource & Referral Agencies.