How Much Does a Baby Cost?
Becoming parents is expensive! Elise and her partner Martin go over all of the estimated first year costs of having a baby in Minneapolis. We want to hear from all of the parents out there. How much did the first year cost you? What did we leave out? What did we overestimate? Please leave a comment below.
Here is summary of our cost estimates:
Total Cost (pregnancy to the baby's first birthday) = $33,000
- "Startup" Costs = $14,000
- Non-paid parental leave for one month: $5000 (Martin has some paid leave from employer)
- Prenatal and birth related medical costs (after insurance): $4000
- Gear for baby (i.e. stroller, crib, car seat, etc.): $5000 (we hope to get some of these items as gifts and we plan to buy some secondhand)
- Ongoing Monthly Expenses = $1600/ month
- Diapers: $1000/ year
- Childcare (full-time): $1200/ month
- Gear (clothes, toys, wipes, etc.): $100/ month
- Health insurance for baby: $250/ month
We also didn't factor in the cost of adoption ($25K-$40K in MN), fertility support (once cycle of IVF in MN can be $17K) and formula ($2000/ year), which are all costs that some families incur. We hope that these costs estimates are somewhat helpful for those that like to plan and save. Cost is obviously only one factor to consider we starting a family.