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Life Kit: Parenting

How to financially prepare for having a baby

Life Kit: Parenting

NPR

Kids & Family

4.4634 Ratings

🗓️ 26 July 2022

⏱️ 23 minutes

🧾️ Download transcript

Summary

Having a baby is one of the biggest - and most expensive - life changes a person can experience. Here's what you need to know about financially planning for a baby, according to Farnoosh Torabi, Editor at Large CNET Money. Find out if there is a magic number that tells you you're ready, what to think about ahead of time and learn what can probably wait.

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Transcript

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0:00.0

Support for NPR and the following message comes from the Robert Wood Johnson Foundation.

0:05.4

RWJF is a national philanthropy, working toward a future where health is no longer a privilege but a right.

0:12.1

Learn more at RWJF.org.

0:15.4

This is NPR's Life Kit. I'm Diana O'Pong.

0:21.9

I remember the day I walked into the baby section of a store after finding out I was

0:26.7

pregnant. I felt elated and simultaneously terrified. I was staring at all of the products

0:34.8

available and looking at the cost of everything.

0:38.3

Convertible car seats ranged from $100 to over $500, and I didn't even know what that meant.

0:44.3

There were jumparoos that were almost $200.

0:47.3

And the fancy baby swings and nursing chairs that swiveled seemed significantly outside of my price range.

0:55.9

I didn't know which products were best, what I actually needed, or how to decide how much I really needed to spend, but from

1:02.6

where I was standing in that baby aisle, it looked like it was going to cost thousands of dollars.

1:08.4

And that wasn't even everything it looked like the baby would probably need

1:12.0

that first year. Babies come with so many unknowns, and the fear started to overtake my joy really

1:19.2

fast. Instead of being excited, I was just stressed. Plus, people close to me had opinions on the

1:26.2

importance of organic diapers or cloth diapers, which had a monthly service fee.

1:32.9

Did I really need all of this?

1:37.0

Rumor has it, babies are expensive, Farnoosh.

1:40.7

What does having a baby actually cost?

1:44.0

Well, if you ask the U.S. Department of Agriculture,

1:47.1

which I didn't realize they were the experts, but they have actually tallied the figures.

1:52.0

That's parent and money expert Farnoche to Robbie. Looking across, you know, all the different

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