child expenses http://www.wisebread.com/taxonomy/term/16406/all en-US 10 Newborn Costs That Took Me by Surprise http://www.wisebread.com/10-newborn-costs-that-took-me-by-surprise <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/10-newborn-costs-that-took-me-by-surprise" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/2815808726_5bba93ae34_z.jpg" alt="baby" title="baby" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>When you&rsquo;re expecting a little bundle of joy, there are a myriad of costs that you know to expect. Diapers, for one. There are the things that you choose to go without &mdash; a wipe warmer, for example. And then there are the costs that you don&rsquo;t see coming. (See also: <a href="http://www.wisebread.com/5-places-to-get-cheaper-diapers">5 Places to Get Cheaper Diapers</a>)</p> <p>Here are some potential needs to budget for when your little one arrives.</p> <h2>1. Extra Special Delivery</h2> <p>Literally nothing went the way I thought it would the day my daughter was delivered. Oh, sure, we had a birth plan all written out, but when it came time for her to make her grand entrance, well, she had other ideas. After 21 hours, I finally ended up in the operating room, having a C-section at 3:00 a.m.</p> <p>I haven&rsquo;t even started seeing the majority of the bills from my actual pregnancy (such is the lag time with our insurance company), but given how stingy our insurance is, my guess is that our three-day stay in the hospital is going to cost a pretty penny.</p> <p>Of course, one never knows how childbirth is going to go, so don't let the possibility of an emergency C-section stress you out as you prepare to deliver.</p> <h2>2. Extra Medications</h2> <p>You might have been planning on a natural delivery and ended up with something less than ideal. Although insurance may cover most of the cost of your pain meds, be prepared to pay a copay for whatever prescription your doctor sends you home with. If you are suffering from post-partum depression, you&rsquo;ll need to carefully take all medications prescribed to you.</p> <p>The benefit of extra meds is that if you don't take them, you can always sell them on the black market.</p> <p>I'm kidding, don't do that. But seriously, what am I going to do with this Percocet?</p> <h2>3. Towels, Blankets, and Linens</h2> <p>&quot;The Hitchhiker&rsquo;s Guide to the Galaxy&quot; covered this pretty well &mdash; never go anywhere without a towel. Or, in the case of caring for a newborn infant, hundreds of towels.</p> <p>I stocked up on a couple dozen plain white hand towels from Costco a couple of weeks before giving birth, more or less on a whim, suspecting that they might come in handy. After her birth I found that I had to nearly quadruple my stock of hand towels and receiving blankets, because we go through at least a dozen of them per day. Newborns are notorious for spitting up, and our daughter is no exception. This isn't a huge cost, probably less than $100, but I sure didn't see it coming.</p> <h2>4. Guests</h2> <p>You may be one of the lucky people who have dozens of friends and neighbors delivering homemade meals to help you through the first few weeks of parenthood. Or you might not know anyone who lives near you and have to provide for yourself. If you planned ahead and <a href="http://www.wisebread.com/what-to-stock-in-your-freezer-before-baby-arrives">froze a few dozen casseroles</a>, congratulations on being so organized! If you&rsquo;re like me, and you bought approximately a week&rsquo;s worth of food, you may find yourself ordering out more than you initially planned.</p> <p>Add to this the cost of feeding grandparents, aunts, uncles, and anyone else who might be staying with you during your infant inauguration, and you can see grocery bills easily double. This increased cost is most likely offset by the savings in childcare (since you&rsquo;ll have all that in-home help), but it can still strain the wallet.</p> <h2>5. Gas, Water, and Sewer Bills</h2> <p>Babies love to expel things from every part of their bodies. This is pretty much all a baby needs to do to qualify as a baby. As such, you will find yourself doing billions of loads of laundry during the first week home with baby.</p> <p>Oh, and sterilizing bottles and nipples? You will run your dishwasher, and your kitchen sink, more than you ever thought possible.</p> <p>If you&rsquo;re lucky enough to have friends or family staying with you to help out for the first few days or weeks of your baby&rsquo;s life, then you&rsquo;ll likely notice another uptick in the water/sewer, gas, and electricity bills.</p> <h2>6. Formula</h2> <p>I had personally planned on exclusively breastfeeding my daughter. We&rsquo;ve all heard about the <a href="http://www.wisebread.com/4-ways-breast-feeding-saves-money">benefits of breastfeeding</a>, but unfortunately, no one informed my breasts of these benefits. As such, I&rsquo;ve been forced to feed my baby girl formula &mdash; which isn&rsquo;t cheap. We chose the same brand that our hospital used, and purchase the pre-mixed, ready-to-use servings as a convenience measure. This convenience costs us roughly $1.50 per feeding at the current rate.</p> <h2>7. Breastfeeding Accouterments</h2> <p>Even if you don&rsquo;t have trouble producing breast milk, breastfeeding isn&rsquo;t always easy. Many new mothers find that they have trouble getting their babies to latch properly. Finding a good feeding positing and location can also be tough. I had always assumed that breastfeeding would be as easy as holding a baby up to my boobs, but it turns out that it takes a lot of paraphernalia for some babies. Specialized pillows, nipples guards, creams and ointments to soothe sore breasts (some infants are really big chompers), nursing bras, and gel inserts all add up.</p> <p>If you, like me, are not able to produce much breast milk, you might find yourself shelling out big bucks to try to up your production levels. From fenugreek tablets ($1 per day) to prescription drugs like <span>metoclopramide</span> ($30 per month), getting the milk glands to cooperate can be pricey. Add to this the cost of renting a hospital-grade breast pump ($95 per month at my local women&rsquo;s clinic), and the costs can really add up.</p> <h2>8. Everything You Scoffed at BEFORE Baby Arrived</h2> <p>I tried desperately to keep my <a href="http://www.wisebread.com/what-a-new-baby-really-needs">baby supplies</a> to a minimum. I purchased all baby clothes used, in lots, from eBay, getting a full year&rsquo;s wardrobe for less than $100. My husband and I did spend some serious dough on a good car seat and stroller (the kind that lasts up to three years), and we bought an automatic baby swing that my mother refers to as a &ldquo;Baby Cadillac.&rdquo; It&rsquo;s a great place to set the baby down when I&rsquo;m working but want to keep an eye on her and want her to stay asleep for a bit.</p> <p>And we bought diapers and wipes and receiving blankets, but we turned our nose up at things like a wipe warmer, unaware that our daughter would shriek like a deranged banshee the moment a room-temp wipe touched her delicate little tush. Slowly warming the wipes in my hands is a bit time-consuming, and watching my baby howl while her teeth chatter is disheartening. Besides, a wipe warmer costs, like, $20.</p> <p>So, I cracked. I bought a wipe warmer. And diaper changes are as pleasant as can be now.</p> <h2>9. Hired Help</h2> <p>You may have pictured your first few weeks as a new parent passing by in a blissful haze of baby kisses and warm snuggles. But sometime around the fifth day of baby, it may dawn on you that you have about seven million errands to run.</p> <p>People will often tell you that attending to your newborn is the most important task and that &ldquo;everything else can wait.&rdquo; Let the dishes pile up in the sink!, they say. Let the laundry go undone, they tell you. The problem with this advice is that you can&rsquo;t really clothe your baby if you don&rsquo;t do laundry. It&rsquo;s hard to swaddle your newborn if all of her blankets are covered in baby barf at the bottom of the laundry pile.</p> <p>There are some tasks that need doing. And if you don&rsquo;t have help from friends and family during the first few weeks, you may find that you need to outsource the tasks to a professional. Whether it&rsquo;s hiring a house cleaner for a couple of hours per week, hiring a gopher for errands, or paying a professional babysitter to watch your baby while you run around town getting your meds, food, and pet supplies, extra help can be a lifesaver &mdash; <em>and</em> a significant cost.</p> <h2>10. Health Insurance</h2> <p>Insuring a dependent can vary from reasonable to outrageous in today&rsquo;s America. My husband&rsquo;s company offers a healthcare plan that covers dependents, but the premiums are much more than I was expecting, and they seem to go up every year. Check with your employer (or, if self-employed, shop around!) to see what kind of coverage both parents have before deciding on a plan.</p> <p><em>Wise Bread readers, what costs shocked you as a new parent?</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/andrea-karim">Andrea Karim</a> of <a href="http://www.wisebread.com/10-newborn-costs-that-took-me-by-surprise">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/cooking-for-beginners-10-recipes-for-kitchen-newbies">Cooking for Beginners: 10 Recipes for Kitchen Newbies</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-prevent-plant-theft">How to Prevent Plant Theft</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/20-awesome-uses-for-milk-crates">20 Awesome Uses for Milk Crates</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-have-a-good-roommate-relationship">How to Have a Good Roommate Relationship</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/mcmansion-to-mccottage-why-smaller-houses-are-smarter">McMansion to McCottage: Why Smaller Houses Are Smarter</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Home Lifestyle baby formula child expenses newborn Fri, 30 Nov 2012 11:00:36 +0000 Andrea Karim 955728 at http://www.wisebread.com What to Do If Your Adult Child Is Moving Home http://www.wisebread.com/what-to-do-if-your-adult-child-is-moving-home <div class="field field-type-filefield field-field-blog-image"> <div class="field-items"> <div class="field-item odd"> <a href="/what-to-do-if-your-adult-child-is-moving-home" class="imagecache imagecache-250w imagecache-linked imagecache-250w_linked"><img src="http://wisebread.killeracesmedia.netdna-cdn.com/files/fruganomics/imagecache/250w/blog-images/2715035547_1f1d12bbec_b.jpg" alt="woman and mother" title="woman and mother" class="imagecache imagecache-250w" width="250" height="140" /></a> </div> </div> </div> <p>According to a recent Reuters article on <u><a href="http://www.reuters.com/article/2012/06/20/us-usa-economy-households-idUSBRE85J17V20120620">adults moving back in with their parents</a></u>, the U.S. Census Bureau reported the number of adult children (those over 18 years of age) living with their parents increased to 15.8 million total between the years of 2007 and 2010. Perhaps more alarmingly, the majority age group that accounted for these numbers was the 25- to 34-year-olds.</p> <p>Given the rough economy since the bank industry&rsquo;s meltdown in 2008, these numbers shouldn&rsquo;t bee too surprising, but they pose an interesting dilemma &mdash; how much support are these parents obligated to give their children? While many parents fund their children&rsquo;s college expenses and health insurance until they age out of the policy &mdash; even when the kids are no longer at home &mdash; this article examines what other financial aspects that parents of adult children living at home must take into consideration when presented with these unique living circumstances. (See also: <a href="http://www.wisebread.com/re-nesting-tips-for-moving-back-in-with-your-parents">Re-Nesting: Tips for Moving Back in&nbsp;With Your Parents</a>)</p> <h2>Set Basic Guidelines</h2> <p>First things first &mdash; draw up a contract and set some basic guidelines for what is expected of your child if they are moving back or currently living at home. Detail exactly what chores you&rsquo;d like them to do, what their curfew is (if any), what expenses are covered by you and what expenses are to be covered by the child. Let them ask questions so both parties are perfectly clear on what&rsquo;s expected of each, minimizing the hassle of living together beyond the usual birth through 18 years.</p> <h2>The Issue of Rent</h2> <p>Should the child pay monthly rent and utilities or not? This decision is ultimately a personal one on the parents&rsquo; part; some people will want to wean their child off their wallets as quickly as possible, and others would rather the child save up money so they can move out sooner. Some families agree to let the adult child live rent free if they&rsquo;re in college or saving for a down payment on a house. If they have a job and <i>could</i> be comfortably living in an apartment, however, it may be wise to charge rent (otherwise, they&rsquo;re likely just there to mooch). For most parents, an adult child going through rough financial times shouldn&rsquo;t be penalized as long as they&rsquo;re earnestly looking for work, but again, it comes down to a matter of personal decision. You as the parent probably don't want an occupied nest going into your retirement years, so while it's good to help your kids lower their cost of living, you may need to apply a little tough love if they overstay their welcome.</p> <h2>Food Matters</h2> <p>Will it be a fridge free-for-all, or should adult children cover their own meal expenses? Sometimes it&rsquo;s a mixture of the two, where they&rsquo;re allowed to eat dinner with the family but required to pay for their own food and meals away from the dinner table. Perhaps they can offer to cook in exchange for access to the pantry and refrigerator. The downside to open access is that they may be tempted to raid the family <a href="http://www.wisebread.com/how-to-organize-your-pantry-and-save-cash">food storage</a> to cut back on their own food-related expenses, so asking for a monthly contribution for grocery expenses might be in order.</p> <h2>Other Expenses</h2> <p>What about phones, insurance, transportation costs, etc.? There ought to be a balance &mdash; adult children shouldn&rsquo;t be completely dependent on their parents, but if they&rsquo;re struggling to find a job, they might not be able to afford all of the expenses that come from living on your own in the real world. As the parent who has already raised them for 18 years, you are not obligated to cover any expenses. However, you may decide to pick and choose which expenses to cover and which ones to let your kids handle. Generally speaking, entertainment expenses such as movies, alcohol, clubs, etc. ought to be covered by the child (just make sure they&rsquo;re not spending all their money on entertainment while they could be paying you rent or saving up to move out sooner).&nbsp;</p> <p>If paying for extra expenses on a regular basis isn't a good fit for your family's situation, consider giving <a href="http://www.wisebread.com/25-awesome-useful-gifts">practical birthday or holiday gifts</a>, such as gas cards or offering to pay for cell phone bills for a year. This way, your child can retain most of their independence yet still cover some costs they might otherwise not be able to afford on their current paycheck.</p> <h2>Parental Loans</h2> <p>There are, of course, other ways to support your adult children other than merely letting them crash at home rent-free. For starters, <a href="http://www.wisebread.com/should-you-lend-to-friends-and-family">loans</a> can be a great way to help your kids get back on their feet without the risk of ruining their credit or depleting their financial resources with exorbitant interest rates. Going this route would definitely demand a contractual agreement to protect yourself in the case where they may not feel obligated to pay off the loan within a reasonable timeframe because you're likely not as strict or demanding as a credit card or lending company. Be sure to include: the date of loan, the amount loaned out, interest rate (if any), payment schedule, expected date of full payment, and of course, signatures from both parties.&nbsp;</p> <p><em>What about you? If you are an adult living with your parents or have you adult children living with you, how does your family approach this situation? Let us know in the comments below.</em></p> <br /><div id="custom_wisebread_footer"><div id="rss_tagline">This article is from <a href="http://www.wisebread.com/kelly-kehoe">Kelly Kehoe</a> of <a href="http://www.wisebread.com/what-to-do-if-your-adult-child-is-moving-home">Wise Bread</a>, an award-winning personal finance and <a href="http://www.wisebread.com/credit-cards">credit card comparison</a> website. Read more great articles from Wise Bread:</div><div class="view view-similarterms view-id-similarterms view-display-id-block_2 view-dom-id-1"> <div class="view-content"> <div class="item-list"> <ul> <li class="views-row views-row-1 views-row-odd views-row-first"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/15-little-known-ways-to-save-at-disneyland">15 Little Known Ways to Save at Disneyland</a></span> </div> </li> <li class="views-row views-row-2 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-put-your-spouse-on-a-budget-without-ruining-your-marriage">How to Put Your Spouse on a Budget Without Ruining Your Marriage</a></span> </div> </li> <li class="views-row views-row-3 views-row-odd"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/24-tips-for-having-a-baby-without-going-broke">24 Tips for Having a Baby Without Going Broke</a></span> </div> </li> <li class="views-row views-row-4 views-row-even"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/how-to-create-your-dream-backyard-on-a-budget">How to Create Your Dream Backyard on a Budget</a></span> </div> </li> <li class="views-row views-row-5 views-row-odd views-row-last"> <div class="views-field-title"> <span class="field-content"><a href="http://www.wisebread.com/re-nesting-tips-for-moving-back-in-with-your-parents">Re-Nesting: Tips for Moving Back in With Your Parents</a></span> </div> </li> </ul> </div> </div> </div> </div><br/></br> Budgeting Family Home adult children child expenses college expenses living with parents paying rent Fri, 31 Aug 2012 09:48:42 +0000 Kelly Kehoe 952403 at http://www.wisebread.com