In this simulation a nanny and then daycare are budgeted for which allows both parents work (mostly). After school care is budgeted for up until age 11. A modest college savings is provided for, but this assumes the child will attend a public university and pay for part of it themselves. Another budget wallop in the first year is upgrading to a larger safer vehicle (yep wagons and minivans start to make sense). Expenses: Birth Medical Bills 5000 Furnishing Nursery / Baby Supplies 2500 Vehicle - Upgrade to a boring but safe wagon or SUV 25000 Formula or Breast Pump + Parts + Effort (first year) 200 Diapers 1000 Nanny part time (1st year) 2500 Furnishing Bedroom 2000 Daycare/Preschool (until kindergarten) 1600 Aftercare K-5 (until age 11) 3600 Summer Camps 3000 Food 150 College Savings 175 Tutoring / Activities (starting at age 6) 200 Clothing 1200 Health Insurance / Co-pays 200 Income: Child Tax Credit 2000 Standard deduction effective "bonus", depends on tax bracket 1000

Jan. 30, 2020, 8:27 p.m.

Nov. 20, 2019, 5:47 p.m.