More Expenses in Baby's First Year
7: Diapers and Wipes
Your little angel is going to go through diapers at a rate you won't believe — about 10 per day. So, whether you use disposables or cloth, you will literally be throwing a lot of money away every month. And don't forget, you'll need to wipe — with one or two wipes every time you change your newborn's diaper. For disposable diapers or a cloth diaper service, your costs will run about $75 a month. If you use cloth diapers and wash them yourself, figure about $20 per month. Add those wipes, and it's another $20 or so per month [source: Baby Center Costs].
6: Health Care
Getting your baby into the world is expensive, and so is keeping the child — and his or her mother — healthy afterward. Wellness checks, vaccinations and various (and generally inescapable) childhood maladies all add to the bottom line of baby expenses during the first year. To get an estimate of your expenses, talk to your ob-gyn and pediatrician. Review your health insurance policy to be sure your ob-gyn and pediatrician are in your network. To add to the cost, your health insurance premiums may go up once your little bundle arrives. Check with your insurance company or employer — and don't forget in all of the excitement of welcoming your new child to add her to your insurance policy when she appears.
5: Insurance and Attorney's Fees
When you have a baby, suddenly you have someone totally dependent on you in all facets. That dependency doesn't stop just because you aren't around or become disabled. Now's the time to increase your life insurance, consider disability insurance and redo — or do — your will to ensure your baby is cared for if something should happen.
There are many factors to consider when getting life insurance, including income and expenses — both monthly and major — such as college tuition and health care. Talk to professionals who can help you calculate your life and disability insurance needs to ensure your family's quality of life in the event of the unthinkable.
Having a child is also a good time to redo or do your will. Remember, you'll want to name guardians for your child or children in the event something happens to both parents.