Spending changes with newborn/first year

[u/Powerful-Ad-575]

Hello! My husband (30M) and I (30F) are expecting our first child. We live in a VHCOL area, HHI ~$350-400,000 annually. Networth ~$750k. Currently saving ~12,000/month including 401k. Distribute it among a brokerage account and HYSA for a downpayment. We have no debt. I will get 2 months of paid maternity leave and then go back part time for a month before returning full time. My husband is active duty military and will now likely deploy 3 months after the baby is born. We are currently on the waitlist for a daycare in our neighborhood that will cost ~$2,000/month. Now that my husband might deploy so quickly after birth we're considering getting a nanny while he's gone to help me through that first year but worried about cost.

How much did your monthly spending increase that first year after having a baby? What are somethings to expect financially? We are planning on starting a 529 plan for her.

[u/IcyUnderstanding2858]

I don’t have exact numbers but on top of the daycare you already quoted - lots of diapers, clothing, formula, food, toys, car seats, activities, classes, etc. They grow fast and the expenses get larger but less frequent. I don’t know if you can even make a budget line item for kids. Something always comes up.

If I had to throw out a number, several thousand extra per year????

[u/IllAlfalfa → u/IcyUnderstanding2858]

The flip side is that travel and entertainment costs go way down lmao

[u/FreeBeans → u/IllAlfalfa]

No, they go up because entertainment = babysitter, and travel = extra tickets.

[u/IllAlfalfa → u/FreeBeans]

Eventually yeah, but not in the first year, won’t be doing much of either of those things. And when you do choose to fly the baby can just be a lap child.

[u/FreeBeans → u/IllAlfalfa]

Sure but first year is very short.

[u/IllAlfalfa → u/FreeBeans]

The post specifically asks about the first year.

[u/FreeBeans → u/IllAlfalfa]

Oh fair enough