“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.