Babies are notoriously expensive for such small little people, but there’s a huge range when it comes to what the average person will spend which can make it difficult to know what to budget. The moneyadviceservice.org.uk has found that a baby can cost between £1,600 and £7,200 (this is approximately $2,000-9000 USD) in its first year (excluding childcare), depending on personal budget, requirements and the parent’s attitude to spending.
The Baby Costs Calculator is a very handy tool that shows you the likely costs involved whether you’re on a low, average or luxury budget. It’s a great tool for giving you an idea of not only what you will need to buy, but also what the price range is. There may be some areas that you want to spend a ‘luxury’ budget – on the pram for example. And others were happy to cut back. Budgeting for a baby is a very individual thing and the baby costs calculator takes that into consideration and then provides you with the likely sum that you need to budget for.
Budget Baby Clothes
When it comes to clothing baby it’s easy to get carried away. However, asking yourself what your baby’s needs are can provide a reality check. Your baby only cares about being warm and comfortable, whereas your considerations as a parent may be price and that your baby looks stylish.
It’s perfectly possible to get the best of all worlds. Adorable baby grows and bodysuits are comfortable for baby and cost just a few pounds, and you can also find sweet little outfits for under £10. No one will know that your baby isn’t wearing designer clothing – moreover, no-one, including your baby, is likely to care!
The price range when it comes to buggies, prams, and pushchairs is huge. It’s perfectly possible to spend as little as £100 or as much as £1000! Whatever your budget, consider your key needs. Your baby will need a lie-flat pram, to begin with, before moving on to a pushchair so that he can see the world. You might find it more cost effective to choose a 2 in 1 pram/pushchair or even a 3 in 1 travel system that also includes a car seat.
Kitting Out the Nursery
The nursery is another area where costs can vary wildly. Designer nurseries can cost thousands, whereas you can pick up a basic cot at ASDA Direct for just £69. Again, your budget will very much depend on your personal circumstances and other factors such as whether you plan more children, or hope to recoup the cost of items by selling them on. Designer items can have a high resale and so retain their value, if you have the funds for them to begin with.
One good compromise is to spend a little more on multi-tasking items – for example, a cot bed that will last baby up until their school years.
Whatever your budget, it’s important to keep things into perspective. As long as your baby is fed, warm, well cared for and loved then they’re likely to be a very happy baby, however much you’ve budgeted to spend on them in their early years!