Budgeting for baby

How parents can prepare for this life-changing event.

Gail Bebee 2 July, 2014 | 6:00PM
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Welcoming a new baby into the family is a fundamental facet of the human experience. Beyond the celebration of this wondrous and life-altering event lie many practical consequences. Your new bundle of joy is a human being that will require nurturing for the next 20 years or more.

That nurturing comes with a hefty price tag. A 2013 Fraser Institute report pegged the annual cost to raise a child in Canada at $3,000 to $4,500. This is a basic-needs estimate only and does not cover child-care costs or discretionary spending such as music lessons, Disney World vacations or expensive clothes. Clearly, some serious thought about the financial side of expanding your family is in order before baby is on the way.

What will your new baby cost? Diapers, cribs, strollers, car seats and toys are just the beginning. To estimate your spending during baby's first year, talk to friends and family with baby experience and check out online tools such as The First-Year Baby Costs Calculator.

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About Author

Gail Bebee

Gail Bebee  Gail Bebee is an independent personal finance speaker, teacher and the author of No Hype--The Straight Goods on Investing Your Money. She can be reached at gbebee@gailbebee.com; her website is www.gailbebee.com.

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