How Much Does a Baby Cost?

The arrival of a new baby can be exciting…and financially overwhelming. So how much money can you expect to spend on your little one in the first year?

Elise Maxwell, founder of Ova Woman, and her partner Martin broke down the estimated first-year costs of having a baby in Minneapolis. Here’s what they found.

Estimated “Startup” Costs = $14,000

• Non-paid parental leave for one month: $5,000
• Prenatal and birth-related medical costs (out of pocket, after insurance): $4,000
• Gear for baby (i.e. stroller, crib, carrier, car seat, etc.): $5,000 (not accounting for what some people hope to get gifted at baby showers and handed down from family and friends)

Estimated Ongoing Monthly Expenses = $1,600/ month

• Diapers: $1,000/year
• Childcare (full-time): $1,200/month
• Gear (clothes, toys, wipes, etc.): $100/month
• Health insurance for baby: $250/month

Estimated Total Cost (pregnancy to baby’s first birthday) = $33,000

Elise and Martin didn’t factor in the cost of adoption ($25K-$40K in Minnesota), fertility support (once cycle of IVF in Minnesota can be $17K) and formula ($2,000/year), which are all costs that many families incur. Cost is obviously only one factor to consider when starting a family, but hopefully these cost estimates are helpful for those that like to save and plan.

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For more details on Elise and Martin’s estimates, visit their original post published on the Ova Woman website.