The costs of having a baby can be significant, especially for new parents. Saving for parental leave and claiming tax benefits should be included when budgeting for your newborn.
The average cost of the first year is around $13,000, and that doesn’t even include the cost of childbirth.²
* Neither New York Life Insurance Company nor its agents provide tax, legal, or accounting advice. Please consult your own tax, legal, or accounting professional before making any decisions.
1 Anne Stych, “40 percent of employers now offer paid parental leave,” Biz Women, February 4, 2019. https://www.bizjournals.com/bizwomen/news/latest-news/2019/02/40-percent-of-employers-nowoffer-paid-parental.html?page=all
2 Katherine George, “10 Biggest Expenses in Baby’s First Year,” Childhood, September 24, 2020. https://www.childhood.com/parents/10-biggest-expenses-in-babys-first-year/
3 Oscar Gonzalez and Alison DeNisco Rayome, “There's a Catch to Qualify for Advance Child Tax Credit Checks. Everything to Know,” Cnet, May 12, 2021. https://www.cnet.com/personal-finance/3600-child-tax-credit-for-2021-is-really-happening-5-things-to-know/