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Bringing home a new baby feels so sweet, but your finances may not look as rosy. A recent study out of the U. K. found that moms spent upwards of $7,000 by the time their child had his or her first birthday. And it's not all going to daycare and nanny costs: Much of the loot gets spent while baby is still in Mama’s belly. From high-ticket items like nursery furniture, strollers, high chairs, car seats and swings to everyday essentials like baby food, diapers, clothes, pacifiers and monitors -- it all adds up… fast.
I have to be honest, I wasn't shocked at this amount. The parents I know -- myself included -- probably spent even more than seven grand, especially on the first child, who doesn’t have the benefits of hand-me-downs. I’m sure some of them spent this amount decorating the nursery alone, not to mention how popular $1,000 strollers are these days. Plus, there are expensive car seats that your kids can use until they’re almost driving themselves.
Other reasons for the high costs? The study found that first-time moms were less willing to accept hand-me-downs than those having their second or third child. I guess by the time you're on No. 2, you've learned some money lessons! Parents were also more concerned with safety than value when buying baby products -- and that's certainly not a bad thing. Oh yeah, and a whopping 82 percent of parents admitted they bought a lot of stuff for baby that they didn’t need. Yup, I could have done without the $300 video monitor and the $50 wipe warmer that other moms said I just had to have. I can see that now.
How much did you spend on baby during the first year? Give us an estimate, so we can all compare notes. Chime in below!