{"id":2628,"date":"2020-09-30T23:22:44","date_gmt":"2020-10-01T05:22:44","guid":{"rendered":"https:\/\/modernfimily.com\/?p=2628"},"modified":"2020-12-09T23:16:21","modified_gmt":"2020-12-10T06:16:21","slug":"heres-how-much-babys-first-year-cost","status":"publish","type":"post","link":"https:\/\/modernfimily.com\/heres-how-much-babys-first-year-cost\/","title":{"rendered":"Here’s How Much Baby’s First Year Cost"},"content":{"rendered":"
Do a Google search for “cost of baby’s first year<\/a>” and you’ll see estimates anywhere from $8,000-$13,000.\u00a0 Well, we’re here to dispel this myth that babies HAVE to blow your bank. Can little babes cost this much during their first year?\u00a0 Absolutely.\u00a0 Do they have to?\u00a0 Absolutely not. \u00a0We’ve already highlighted the practical items to have during a baby’s first few months<\/a> and now we’re here to outline exactly how much we spent during our baby’s first year of existence.<\/p>\n Some caveats:<\/p>\n Drum roll pleaseeeeeee<\/p>\n We spent a total of $1,241 during our little lady’s first year.\u00a0 That comes out to $103 per month. <\/strong>You can easily spend that much on a stroller alone<\/a>.<\/p>\n Not as bad as what a Google search will show you eh?\u00a0 Of course, this is just our personal experience but again we’re here to dispel that babies HAVE to be expensive.<\/p>\n We also contributed $2,500 towards her RESP education fund to get the full 20% match ($500) from the government so a total of $3,000 was invested into her future education.\u00a0 If that $3,000 grows at an average annual rate of 7% for 18 years, she will have $10,537 to put towards her education just from this one annual contribution alone.\u00a0 We plan to keep this up for 18 years and assuming an average annual growth of 7% she will have just over $100,000 in her RESP to account for her post-secondary education.\u00a0 In Canada, this should be more than enough.\u00a0 If she decides to go another route, this money is earmarked for her to use – be it to travel around the world, take some online courses\/certificates, go into the trades, go into the military, start her own business, etc.<\/p>\n We also started to introduce foods around 5.5 months old.\u00a0 We haven’t separated how much we spent on her food compared to our overall food spending but during these first few feeding months it was likely around $25\/month.\u00a0 Her favorite food during her first few months was definitely blueberries and was a bulk of this monthly expense.\u00a0 She also loved rotisserie chicken (no other kind of chicken would do), broccoli, carrots, corn, green beans, and avocado.\u00a0 And she’s always been into tangy and tart foods like sauerkraut, pickles, olives (legit her favorite food as of today), artichokes, fancy aged cheese, mustard, salsa, etc.\u00a0 Yep, she’s our little weirdo.<\/p>\n So if we also include the $2,500 RESP contribution and ~$25\/month on food for 6 months (25*6=$150) we’re looking at a total of $3,891 out of our pocket cots in her first year.\u00a0 Of course, the RESP is elective and we recognize our privilege of being able to contribute this $2,500 towards her education each year.<\/p>\n There you have it!<\/p>\n Those with parents, are you as crazy as us and keep track of your baby-related expenses?\u00a0 Would you say you spent more or less than $1,236 on baby-related expenses (excluding education and food) during their first year?\u00a0 What was your largest baby-related purchase?\u00a0 How have your child-related costs changed compared to their first few years?<\/p>\n Those without kids yet but considering it in the future, if you’re reading this blog you likely are not part of the herd mentality and hopefully you too can stay well under the average of $8,000-$13,000.\u00a0 Any questions for us?\u00a0 Happy to help!<\/p>\n If you liked this article and want more content like this, please support this blog by sharing it.\u00a0 Not only does it help spread the FIRE, but it lets me know what content you find beneficial.\u00a0 Writing is NOT my strong suit and it honestly takes me hours to write each post so the more encouragement the better!\u00a0 Engaging in the comments below keeps me motivated.\u00a0 You can also support this blog by subscribing to receive emails anytime a new post is published.\u00a0 Thank you FImily!<\/p>\n We believe in stacking up life hacks to keep your enjoyment levels to the max without depleting your bank account.\u00a0 Here are some ways to further educate yourself and save thousands of dollars over your lifetime by making some simple adjustments:<\/p>\n Do a Google search for “cost of baby’s first year” and you’ll see estimates anywhere from $8,000-$13,000.\u00a0 Well, we’re here to dispel this myth that …<\/p>\n\n
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