Welcoming your first baby is a joyous occasion, but it also brings significant financial responsibilities. In the Philippines, the cost of raising a child from birth to their first birthday can range between PHP 200,000 to PHP 400,000, depending on your lifestyle and choices. This estimate includes medical expenses, baby essentials, and other related costs. Planning and preparing financially can ease the stress and allow you to focus on the joy of parenthood.
What costs to prepare financially for your first baby
Here’s a breakdown of the major costs associated with having a baby:
1. Medical expenses
- Prenatal check-ups: PHP 1,000–PHP 2,000 per visit, depending on the doctor and facility.
- Delivery costs: PHP 50,000–PHP 150,000 for normal or cesarean delivery in private hospitals; public hospitals may cost less.
- Vaccinations: PHP 10,000–PHP 15,000 for the first-year vaccines.
2. Baby essentials
- Clothing: PHP 5,000–PHP 10,000 for newborn clothes and accessories.
- Diapers and wipes: PHP 1,000–PHP 2,000 monthly.
- Baby gear: PHP 20,000–PHP 50,000 for a crib, stroller, and car seat.
3. Feeding supplies
- Breastfeeding accessories: PHP 2,000–PHP 5,000 for pumps and storage.
- Formula milk: PHP 3,000–PHP 6,000 monthly if not breastfeeding.
4. Childcare and miscellaneous
- Childcare services: PHP 5,000–PHP 10,000 monthly if hiring a nanny.
- Health insurance: PHP 10,000–PHP 20,000 annually for family coverage.
- Miscellaneous: Toys, books, and occasional baby photoshoots (PHP 5,000–PHP 10,000 annually).
How to prepare financially for your first baby
1. Create a baby budget
- List all expected expenses and categorize them by priority.
- Allocate funds for must-haves like medical costs and diapers before optional expenses.
2. Start a baby fund
- Open a separate savings account dedicated to baby expenses.
- Contribute a portion of your income monthly to this fund.
3. Save on baby essentials
- Borrow or buy secondhand baby gear to save money.
- Use cloth diapers or reusable products to reduce recurring costs.
4. Explore health insurance
- Check if your current plan covers maternity and newborn care.
- Upgrade to a family plan if necessary to protect your growing family.
5. Plan for parental leave
- Understand your employer’s maternity or paternity leave policies.
- Save ahead to cover any income gaps during the leave period.
6. Build an emergency fund
- Ensure you have 3–6 months of living expenses saved for unexpected situations.
7. Seek financial assistance when needed
- Government programs like PhilHealth offer maternity benefits.
- For additional financial flexibility, consider a reliable option like Etomo Loan for immediate needs.
8. Plan long-term
- Start a small investment fund for your child’s future education.
- Adjust your family budget post-baby to accommodate new recurring expenses.
Preparing financially for your first baby may seem overwhelming, but with careful planning and disciplined saving, you can create a secure and loving environment for your child. Start by understanding the costs, creating a realistic budget, and building a baby fund to cover expenses. For times when unexpected financial needs arise, etomo loan can be a trusted partner to help you bridge the gap. Parenthood is a beautiful journey—ensure you’re financially ready to embrace it!
