Tuesday, September 19, 2006

newborn economics

I've been wondering what expenses I should expect with our little treasure joining us. Here are some that might hit between now and year's end:

  1. Child tax deduction - may be enough to help us into the misery of AMT - we were hit by it last year.
  2. Diapers (not much) $35/mo.
  3. Formula - expensive at $30 - $40 a container (2-4 per month, eventually 4-8 per month)
  4. Breastmilk storage bags - expensive each, but not overall
  5. Breastfeeding related tools - pads, lanolin cream, etc...., not too expensive
  6. Nanny / housekeeper - may need additional help with so many little ones in the house $300 - $500 per week
  7. Baby photos $200 - $400 (depending on # copies, etc...)
  8. Room decorations - most of the money has already been spent
  9. unplanned furnishings - $400
  10. Cute clothing etc... $600
  11. Additional special entertainment activities for older children (so they don't feel left out / feel special) $160/mo.
  12. Increased spending by wife who will be off for 3 months - $700/mo.
  13. Golf lessons for me and my wife $400 - $800
  14. Beginner clubs for my wife $250
  15. Golf shoes for me and my wife $250
  16. Golf games $60/mo.

I'm not sure if I'm missing anything else. Please comment with ideas.

Re.: #12, anyone home and not working has much more time to engage in leisure activity, shopping, etc.... I expect my wife will have some activities outside of our normal budget, hence the extra spending.

As this is our third time, we should not have to buy too many more things.




StealthBucks said...

You forgot college savings and while I mention it Montesorri type schooling for the munchkins. Our little dude and dudette aren't cheap, so I'd add a fudge factor on everything of 15%. case in point.... I'm sure you know that little daughters can actually spiral like a Hasselback pass when the wife has had her limit on the whole joy of parenting thing. I couldn't catch a ball for crap but I've got the kids at the doorstep toss down cold :-)

I would also like to get a report on the whole golf thing. we don't seem to ever get that much free time....

makingourway said...


very good points - I've already started saving for 529 plan AND I've checked out Montessori. We plan to send our oldest to Montessori starting in January. It's only 10% more expensive than day care - however it is a 45 minute commute (benefit of living in the boondocks!).

I'll post more on this - great comments!