Underestimating The Cost Of Having A Baby
“I will do all my house chores when baby will be sleeping.”
“I will regularly visit my friends and family even after having a baby.”
No wonder, non-parents are the most naive human beings on Earth. Their expectations, that after-baby life will be same as before-baby, hardly matches the reality. And that is not a big deal except when finances take an entry. Parents underestimating the cost of having a baby, their lives may take a 180 degree turn.
Recent study concludes that the total cost estimate of a baby’s first year can range from PKR 200,000 to PKR 500,000, considering that every family’s financial situation is different. Even PKR 200,000 is very expensive for the poorest family and parents are not prepared for such high expenses. The expenses of delivering the baby either normally or caesarean; hospital bills; monthly medical checkups; baby gear, and all baby items; food; diapers and wipes are the biggest expense nearly consuming PKR 80,000 for the first year. But, it does not end here, from pre-school to college, till the day they end up taking care of themselves, you have to contemplate all the medical, educational, recreational and lifestyle expenses along with the devaluation of the currency in Pakistan.
Many parents regret not taking financial actions regardless of their income. For many parents misjudging the cost of baby’s basic stuff led them to financial regret and many of them wished they had done savings before having their baby to help with the expenses of the first year.
The prime purpose of this blog is to:
- Encourage parents to start saving for their baby as early as possible. Most parents are not able to save sufficiently, because either their monthly income is not enough and they don’t have the funds or they miscalculate the expenses. A new research sheds light upon that 8 among 10 first-time parents underestimate the costs of having a baby and are not financially prepared from the start no matter how much money they are earning.
- Help parents to get a better grip on this matter, because baby related decisions may not involve a lot of research as it is not a business decision. So taking advice and tips from other parents is the best idea to be aware of what parenthood is and what is in there for you.
Becoming a Parent is most happiest, challenging, and expensive chapter of life. Before these daunting facts make you want to delay having a baby let me tell you, surviving parenthood is possible but of course, with proper financial planning and calculations. Also you can ask your company to provide good parental benefits or you can earn some extra income from the comforts of your home by working online.
So if you are planning or expecting a baby, firstly think realistically, don’t go with your assumptions, secondly whatever you think it might cost you, prepare for the best, and double the figure, thirdly have the best time of your life with your little one!!