Baby's first year: $10,000-22,000??

[UntouchedTakeaway]

@gigi

I was watching Dr. Phil the other day and there was a couple on who were living paycheck-to-paycheck, but the wife really wanted a baby now. Dr. Phil gave her a wake-up call by saying that a baby costs $10,000 to $22,000 for the first year alone. Could you help me break that down, because it seems high.

1. Assume the birth itself is not included
2. I assume the range occurs because some babies go to daycare and some don’t? Part of the cost may be missed salary for a stay-at-home parent??
3. Breast milk vs. formula would make a big difference

So let’s try to minimize baby’s first year:

One parent works and the other stays home, so no day care. One salary is enough to pay for everything, so opportunity cost of wages not counted. Minimal formula used. Assume birth and doctor’s visits covered by insurance.

Diapers about .35 each, average, 8/day, about $1000
Furniture
Equipment (car seat, stroller, etc.)
Clothes for various sizes
Toys/Books
Baby Food
Supplemental Formula
Medicine/co-pays

If you’re the nouveau riche wife of an NFL star, then that’s chump change

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