Having a baby requires planning to avoid financial pitfalls - NBC12 - WWBT - Richmond, VA News On Your Side

Having a baby requires planning to avoid financial pitfalls

Planning ahead is the most important factor in having a baby. (Source: Pixabay) Planning ahead is the most important factor in having a baby. (Source: Pixabay)
(WWBT) -

Pregnancy may be a blessing, but it also means more financial responsibility.

The cost of having a baby is just the start down a long road of expenses in the cost of raising a child.

Childbirth costs vary by hospital and state, and complicated births can add thousands of dollars to the tab.

Financial website NerdWallet compiled data on just the cost of having a baby in the U.S. and found the average cost for delivery and care for the mothers was around $13,524. For newborns, that cost was $3,660.

Cherry Dale with the Virginia Credit Union says the key is planning.

"If you do not plan, you're going to end up going intro debt to make all of that happen," Dale said. "That's the worst thing you can do financially."

Figure out what you really need for a nursery and put everything you can on your registry so friends and family can help out.

Childcare also may be a necessity. Start early trying to find the right fit for your family so you can plan ahead for the new weekly expense.

You may also want to consider creating a 529 account for your child to help save for college.

Putting money in each year not only helps to create a fund for the future, but it's a tax write-off up to $4,000 per child each year when you file your state taxes.

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