Dad and financial advisor, Scott Pape, has done the sums and worked out exactly how much a new baby will cost you.

Writing for Barefoot Investor blog he shares, “In the year leading up to the pregnancy you should save up — at the very least — $10,000.”

Scott writes, “The average cost of having a baby in a private hospital is $8,500 per birth according to Medibank Private, and that doesn’t include obstetricians, nappies or ‘push presents’ that fathers are apparently supposed to buy to motivate their pregnant partners (like a bowling ball pressing down on them isn’t motivation enough).”

Do you really need that much if you’re planning on delivering in a public hospital?

Scott says, “Yes, you do.”

“Sure, giving birth as a public patient in a public hospital is free — but it’s what happens during the pregnancy that can really cost you. Think of all the visits to the doctor, the blood tests … and then there’s the ‘little emperor syndrome’. You see, most first-time parents go a little ga-ga when they are expecting.”

“Think of having a baby as like starting a business. There are significant upfront costs that can be amortised over subsequent product releases, but these upfront costs are really going to hit you.

What you can do — like any good business owner — is to lower your costs by buying strollers, cribs and the like from Gumtree or eBay. Remember, it’s not child abuse for kids to wear hand-me-downs or, later, to share a room.”

“Still, that doesn’t alter the fact that you need a big chunk of change on hand for your first baby. You’re about to enter one of the most expensive periods of your life … and you’ll be doing it on one wage — with sleep deprivation and cracked nipples. So for your sanity make sure you have at least $10,000 saved up.”

How Do I Ensure My Kid Gets a Good Start in Life?

Scott’s answer to that? “By looking after yourself.”

“The first 12 months of being a parent are stressful. You have no idea what you’re doing. There’s very little sleep (at least in the beginning). You basically surrender yourself and serve the baby. And so the best gift you can give yourself in that first year is not having to fight or worry about money. And we’re planning on long innings with plenty of bouncers being thrown your way. Howzat?”

Do you agree with Scott? How much would you say pregnancy and a new baby set you back?

Reminder for buying second hand goods.

Safety checks
A couple of months ago we shared a story from Consumer Protection warning parents before using a cot to carry out simple safety checks. Older cots that do not meet these standards should not be used!

Before using a cot it is important to check for the below –
•Inspect for stability
•Ensure rails are intact
•No sharp edges
•Make sure Nuts and bolts are tight and that all mechanisms are in working order
•Check that the bars, panels, mattress base and drop sides are firmly attached.
•Then check the recommended measurements of the cot.
•Check there is no risk a child can NEVER become trapped.

Share your comments below. 

Read his full post here.

Image via Getty