Unexpected Costs That Come With Having Kids

by Leon on February 16, 2013

know what it costs to have kidsThere are all kinds of expenses tied up with starting a family, such as the medical bills inherent in gestation and delivery, the cost of childcare if both parents work, and the price of diapers for the first couple of years. And as they grow older, attendant costs only increase, with clothing and toys becoming more expensive as the years pass. But it all culminates in college, which will cost parents a pretty penny if they want to send their kids to some of the top rated schools. The thing is that none of these costs is totally unexpected. While you might have to run the numbers on some of the items associated with raising a child, you at least know that these expenses are on the horizon. Unfortunately, there are also a number of costs that could spring up and catch you totally unprepared. But knowing the possibilities could help you to sock some money away just in case. So here are a few potential expenses you may have to contend with where your offspring are concerned.

You know that kids have to be fed and clothed, but did you ever consider that they will put an added strain on every single one of your household expenses? You might think that adding an adult resident to your home will have an impact on the utilities, but chances are you won’t expect your water, power, and gas to go up when you bring home your little bundle of joy. And yet, when you consider all of the concessions that infants require you can see where the added expense comes in. For example, babies need frequent bathing (although not in a full tub). But the larger issue is the increase in dishes and laundry you’ll have to do, especially if you opt for cloth diapers.

You may also want to keep the temperature in your house relatively constant on your baby’s behalf. Whereas you and your spouse may be willing to live with temperature fluctuations (using fans or alternately, sweaters) you might not want your child to suffer through such environmental changes. And in the beginning you’ll be up every two hours for feedings, turning on lights and other electronics in the process.

Of course, the thing that worries parents more is the prevalence of childhood illness and injury. Some newborns have to spend time in the NICU, especially if they jump their delivery date, and even with insurance this comes with a hefty co-pay. Then there are seasonal ailments, like coughs, colds, bronchitis, flu, strep throat, and so on, which many kids contract throughout childhood. In addition, kids do tend to fall quite a bit as they learn to walk, and whether they’re running around the neighborhood with friends or playing sports they’re often at risk of injury. Most kids tend to bounce back quickly, but that doesn’t mean they can’t get cuts, scrapes, and broken bones just as easily as adults. These health issues could definitely have you coughing up dough that you hadn’t anticipated.

There are all kinds of costs you’ll opt to take on when it comes to your kids, starting with storing eggs, sperm, or stem cells in a California cryobank, and going all the way through to picking up the tab for their higher education. But the unexpected costs can really set you back if you don’t have some money set aside to address them. So you might want to start a savings account before you even conceive as a way to ensure that money is one thing you won’t have to worry about when your kids are in need.

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