It’s no secret that kids are expensive and when new parents are preparing for their first child they should be saving some money to cover all of the different expenses. But any parent will tell you that you can never be completely prepared for having a child, regardless of how much research you do beforehand.
When new parents to be are trying to plan their finances you may think of all of the obvious things like nappies, food, clothes, and toys, but there are so many other things that you may forget or underestimate. It’s only when you realize that there are more things to pay for or that things are more expensive than you first thought, that this may send you into a panic as you suddenly have to work out how you’re going to afford all of this stuff. If you want to avoid that, it’s important that you remember some of these hidden costs of parenting that people often forget.
A New Car
Most parents do think about their car when they’re expecting a baby, but a lot of people underestimate how much space they’re going to need. They assume that they can get by with their current car and they will only have to upgrade in the future if they decide to have more kids. The thing is, they’re not thinking about how much stuff they will have to bring with them when taking a baby out. You need room for a pram, all of their nappies and maybe a portable changing table, some spare clothes, food, toys, and whatever else. The chances are your car is too small and you may need to get a new one. If you don’t start planning ahead for this, you may struggle to afford the new car that you need. However, if you go to a good used car dealer like Georgesons, you can get a good quality car for reasonable price. It’s best to pay as much as possible in cash, so you need to plan ahead for a new car.
As well as the car you need to get a good quality car seat to keep your child safe when you’re driving. A good car seat is pretty expensive, so make sure to account for it.
A breast pump makes life a lot easier, especially when somebody else is looking after the baby. But a lot of people underestimate just how much they can cost. A manual one is fairly cheap but some of the more expensive electric ones can cost as much as £250. If you are going to get a breast pump, make sure that you do a bit of research so you know what you’re likely to spend.
As your kids start to get a bit older and they get interested in different hobbies you may have to spend a bit of money. For example, if they take an interest in a sport and they want to join a team, you’ll have to pay for training sessions and uniforms. They may also want to learn an instrument in which case, you’ll have to buy the instrument itself and then cover the cost of lessons. Encouraging hobbies is good for your child’s development so this is a cost that you’ll have to deal with.
A lot of new parents forget about these costs and end up struggling to find the money that they need, so make sure that you’re prepared for them.