#003: The Cost of Having a Baby

We're joined on the show by Sarah Arevalo, DebtWave Credit Counseling's Quality Assurance and Compliance Administrator, who's also married to our beloved co-host Felipe, to chat about the cost of having a baby!

Wait, should I save money before getting pregnant?
Americans often severely underestimate just how much it costs to raise a baby in the first year.

According to a Business Insider article from July 2018: The average cost to have a baby in the US, without complications during delivery, is $10,808— which can increase to $30,000 when factoring in the care provided before and after pregnancy.

36% think it costs between $1,001-$5,000 to raise a baby during its first year18% think it costs $1,000 or less

Half of all hopeful parents — and 48% of all Americans — think diapering items, including diapers and wipes, are one of the biggest expenses of the first year of a baby’s life. However, we estimate this expense at $743 for the first year — less than nearly all other cost categories in the analysis. 

By contrast, only 37% correctly believe child care is one of the biggest expenses. Full-time care in a center costs an average of $8,059 for the first year of life — more than any other expense analyzed.

How much will it cost for you to have a child? Check out Nerd Wallet's baby calculator.

For parents concerned about baby recalls, you can find info on the US Consumer Product Safety Commission's Twitter account or their website.

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