I just did a rough calculation of how much having a baby may cost in the first year and it’s mind boggling.
Set up costs include:
Sleeping and bedding (eg cot, mattress, swaddling blanket): RM2,000
Travel (eg carriers, car seat, pram): RM2,000
Bathing and changing (eg bath thermometer, baby bath): RM500
Feeding (eg high chair, nursing bras, breast pump): RM1,000
Baby clothing: RM300
Toys and playtime: RM200
Delivery costs: RM5,000 to 10,000
Confinement lady: RM3,000 (plus RM1,000 ang pau sometimes)
Monthly expenditure includes:
Nappies/baby wipes/cotton wool/baby formula/baby shampoo/Dettol: RM250
Insurance: RM100
Babysitter: RM650
For one year: RM12,000
Using the guidelines above, the high-end estimate for one year all in if you set up from scratch buying everything new: 20,000 (set up costs) + 12,000 (monthly upkeep for one year) = RM 32,000 extra needed for a year.
The low-end estimate, assuming you get everything second hand, the natural birth deliver goes smoothly and you don’t give ‘ang pau’ to that mean confinement lady: RM8,000 (set up costs) + 12,000 (monthly upkeep for one year) = RM20,000 extra needed for a year.
And there’s still so much more that you could do if you were swimming in funds such as setting up a beautiful baby room.
It's finally hitting me that it's a heavy, heavy commitment - physically, emotionally and financially. And if you look at the statistics, a large percentage of arguments and divorces link back to conflicts with money issues in a relationship.
But on the other hand, life is such that if you want for all your ducks to be in order, you may never get around to doing anything, and may face significant delays in the major decisions in your life.
I guess the main thing then is to make sure that your biggest non-negotiable ducks are in order, and work out the rest as you stay committed to it.
As long as I can feed and clothe my family, and provide a good roof over their heads, I'll have to start with this and work out the rest along the way.
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