Household Budget

Novice Parents Severely Underestimate The Cost Of Raising A Child At The First Year

Having a baby is the greatest gift a set of couples can hope for. However, raising them can be a tiresome nightmare that can stretch for years if the couple underestimates its cost. There can be many reasons why such a thing happened.

Reasons:

  • Upon having a baby, the couple has no savings.
  • Couples tend to depend heavily on their parents and loved ones for financial support.
  • Thinking of baby supplies, disposables, and food as the main focus of expense provides less importance for child care, which can cost even more expensive than a future college education.
  • Emergency funds and future education are not being part of the priorities in budgeting.
  • Not investing in reusable items for future siblings such as a crib, clothes, and other comforting products that can lead to unnecessary purchases in the future.
  • Couples are over-indulging on items that provide temporary happiness to the baby such as toys.

Those are the majority of the reasons why couples have a hard time raising the baby, especially in the first year. Educating couples can help them prepare for a better approach when having a baby. Since the first year, the baby is still medically fragile, the priorities must be set correctly.