ALBUQUERQUE (KRQE) – Expecting parents may not understand how much it costs to raise a child, but one company wants to help you learn how to budget properly.
Suttle Financial Group has set up easy steps to help those who are expecting a bundle of joy.
The three most important surprises when it come to having a baby and their expenses is insurance co-pays, diapers, and meals.
In the first year, babies can visit the doctor’s office up to 12 times. Co-pays can range anywhere form $10 to $30.
Diapers are an essential part and the average amount of diapers a newborn can go through is 2,700. At an average cost of $0.20 a diaper, parents can blow out a diaper budget in no time.
As for meals, this pertains to the adults. New parents will be exhausted and should take breaks form cooking at home. Most do not budget for meals out, but Suttle suggest this should be a part of the planning due to a deserved night out.
Mike Suttle, president of the financial group, suggests running the numbers to estimate how much will be spent from food and formula to diapers.
Suttle suggests a good place to start learning how to build this budget is by using the USDA’s cost of raising a child calculator. This calculator adds up the annual cost per child based on age.
For more information, visit their website.