Budget planner tots up cost of baby’s first year

A BABY budget planner for parents-to-be to calculate the cost of an infant’sfirst year has been launched.

The National Consumer Agency (NCA) published a planner on its personal finance website to help first-time parents draw up a realistic budget to keep spending on target before their newborn arrives.

Chief executive Ann Fitzgerald said www.itsyourmoney.ie features initial expenses as well as other costs such as childcare.

“Ireland is currently undergoing a baby boom and for many cash-strapped families budgeting for significant expenses is now a must,” she said.

“First-time parents often don’t know what they need to budget for and can feel pressurised into buying the best of everything for their new arrival.

“The planner will help parents plan their spending so that they budget for the essential items first and decide on their priorities.”

The baby budget planner asks users to include a maximum budget and deals with six categories including nursery items, feeding, clothing, changing/bathing, travel/outdoor equipment and play equipment.

The NCA’s personal finance website also gives tips on managing your money before and after your child is born, including planning for your child’s future financially, and money saving tips for baby’s first year.

Ms Fitzgerald continued: “With childcare costing up to €1,000 a month in some areas, it is worth thinking about how you will pay for it if you are planning on returning to work after your baby is born.”