Financial Challenges of Having a Newborn
Having a newborn can be stressful, and financial planning is a crucial aspect to consider. A recent BabyCenter survey found that parents can expect to spend $20,384 on baby-related costs in the first year.
Leading up to the birth of a child, concerns about childbirth and sleepless nights are common. However, the financial implications of having a newborn can be overwhelming, impacting mental health.
89% of moms saying finances impacted their mental health
The costs associated with a newborn go beyond baby gear, including insurance, hospital bills, and college savings.
Author's summary: Newborns bring significant financial stress.