“Can I Afford a Baby?” That’s a loaded question, right?
I know we asked ourselves this very question a few years ago, and maybe you’ve done the same. A new article in US News and World Report asks this question and uncovers several important points to consider.
According to the U.S. Department of Agriculture, is $12,000 for the first year alone (for middle-income couples earning between $56,700 and $98,000).
So that’s where our money’s been going!
Even though I don’t focus just on baby products on NKT, as a mom and writer in the baby-rearing stage, when I decided to start NKT I considered my personal interests and the ongoing growth of this niche. I knew baby and kid gear was a sector where the story well wouldn’t run dry any time soon.
In light of the economic disparity that was going on two years ago when I started, research showed that parents were and still are spending beaucoup bucks on our kids.
And despite the recent recession, the baby products industry continues to grow at a steady clip: Market research firm Mintel estimates it’s now a $9.8 billion industry.
Aptly titled, “Can I Afford a Baby” and filed in the finance section, this US News and World Report article outlines several important points that all new parents should consider such as, some of the itemized expenses one could expect in the first year, hidden costs (I wish someone would have told us about the cost of out of network hospitals and emergency procedures!), common mistakes and more.
It’s a well-known fact: babies are expensive, but I thought this article discussed a variety of topics that expecting parents should consider.
When I was pregnant a few years ago, I loved reading realistic articles like these to balance out the rainbows and butterflies of articles in other publications. While this article has many great points, I found a few points that I could argue, including the comment about not needing a heavy duty stroller.
disagree–> “Parents sometimes buy a giant, SUV-type stroller, thinking they need all the bells and whistles. It’s a classic first-time parent mistake,” says Fields.
To underscore the importance of finding your parenting style, it’s important to know what your family needs for your living situation. Having spent the formative baby years in a city environment, where we required the need of a robust stroller daily.
As city parents know, it’s paramount to find a stroller that’s reliable for daily use. I used our stroller more than a car; it was our laundry cart, grocery cart, vehicle and child carrier—every single day. So, yes, we did need a tricked out stroller for our living situation. My suburban friends who only use a stroller once or twice a week, for example, probably wouldn’t find a need for a large stroller with these features, but for us, our Uppa Baby Vista was one of our best investments as parents.
Oh, and the advice about not stocking up on baby and kid essentials? Yup. I still do that to save money and time and highly recommend it. There’s nothing worse than running out of diapers, wipes, especially when you need it most!
Moral of the story: ultimately, you know best how to fulfill your family’s needs. You might not need everything on a list, but it’s imperative to do your research for baby and kid gear. Best bet? Ask like-minded friends and family what works for them.
Be sure to check out “Can I Afford a Baby?“
