Beyond the Baby Registry and How to Pay For it

The Price of a Baby in Paradise.

Congratulations! You’re having a baby! Or maybe you’re planning on one. No matter what, one thing you’ll have to get used to is every auntie and uncle will have some advice to share - from how strict to make that sleep schedule to how tight to make that swaddle. But with the high cost of living in Hawaii, what you may really need is some financial advice to prepare for your new ‘ohana.

In the months leading up to your delivery date, you’ll have a lot to budget for that go beyond your baby registry. Here are a few big purchases you should consider as you prepare for the best day of your life.

Home Improvements

One of the biggest expenses you’ll have is preparing a room for your baby. Will you convert your office or spare room into your baby’s new room? Will you need new carpeting, a paint job, or an air conditioning unit? Are there any repairs you need to do around the house to keep your baby safe? Or will you be doing major construction by expanding your home? Start these improvements quickly because any home improvement work takes time.

New Car

If you’re driving in a compact car or a car that’s seen better days, it might be time for a new or used car. You’ll need plenty of backseat room for a baby seat and those quick, backseat diaper changes. Not to mention, you’ll need reliable wheels for all those trips to soccer practices, school performances, and birthday parties in your future.

All that Baby Gear

Hopefully, your baby registry will handle some of these items, but there are a lot of things to buy for your baby and for yourselves. Some essential items include a crib, a baby seat for your car, a stroller, baby monitors, a highchair, a baby bouncer, baby bottles, bottle warmers, a breast pump or formula, clothing, and A LOT of diapers and baby wipes. Costs can vary, but it’s easy to spend $1000 or more, all before you hold your baby for the first time.

Medical Expenses

Your medical expenses for delivering your baby vary depending on the type of insurance coverage your birth plan, so check with your insurance provider ahead of time, so there will be no surprises.

You’ll have a lot on your mind during the magical months before your baby arrives, and you’ll have even more to manage during the sleepless nights once your baby is home. While most think credit cards are the easiest way to deal with these expenses, a personal loan might make more financial sense for your budget with lower interest rates, set monthly payments, and a predictable pay-off date. Our advice is to baby-proof your finances for any unexpected expense, so you’ll have plenty of time to perfect that baby swaddle. Congratulations! And enjoy the ride!

Learn more about CPB Personal Loans