Having a child redefines almost every aspect of your life, giving most people a source of joy they never imagined before. However, it’s also a major financial commitment, one that requires careful planning to meet your child’s immediate needs and set them on a path for future success. Taking stock of all the costs involved with having a child and working with a bank will help ensure you’re as prepared as possible.

A Guide to New Parent Expenses

1. Daily Needs

Newborn children outgrow their clothes quickly, so you’ll need a steady supply of onesies, shirts, shoes, and other clothing items. You will also have to pay for food, diapers, and toys, expenses which typically add up to approximately $50 per week. These expenses grow along with your child, so you can expect to pay more as their appetites and activities increase.

2. Home Renovation Costs

Some new parents choose to move into a larger home with extra space, while others might opt to renovate their existing house. Whether you’re planning on adding on to your home or repurposing unused space, begin applying for a bank loan well in advance to ensure the project is finished before the baby is born.

3. Education Costs

It’s easy to get caught up in the immediate expenses of raising a child, but don’t neglect their long-term welfare. The costs of a college education keep rising, so it’s best to establish an education savings account with your local bank as soon as possible. 
 

For nearly a century, Citizens Bank has offered financial services to customers in Byhalia, MS. With their commitment to giving everyone the individualized attention they deserve, you can rely on them to help ensure you’re ready for life’s major changes. Visit their website now to find your nearest location or call (662) 838-2146 to make an appointment. Member FDIC.