BUFFALO, N.Y. (WKBW) — Those cute faces, the little laughs, the hugs at night, it's those precious moments that make being a parent priceless.
"I love being a mom. The love that my kids give me when no one else can," said Shakema Reed, mother of two.
But unfortunately, it's anything but priceless. A new study predicts having a baby in 2024 in New York State will cost $23,403.
That's based on cost of living, hospital fees and a year of childcare.
"I think having a baby is very expensive. Diapers, wipes, formula," said Reed.
And that's just the beginning of the list. The stress is rising as you read this, so let's talk solutions.
You'll hear from:
- Shakema and Mahogany, two local moms
- Sofia Mado, a daycare owner
- Sarah Blankenship, a financial advisor
The Moms
Mahogany Bell has seen it all as a mom of three boys. She has two older boys Hassan, 26 and Jamier, 21 and Bless, who's 5.
"I was scared the first time I was pregnant, I was real scared," said Bell. "The first one is really like, you're just in complete shock and you're just trying to get through the different phases."
And just when you have everything you need, that stuff is too small.
"The baby grows really fast, it's faster than what you think. Before you know it, they're like three running around. Milk, diapers, clothes," said Bell.
She says look into programs that will help you, like WIC through the federal government.
"Some people would be scared to use programs and stuff to help them, not me," said Bell.
Reed says she would tell her past-self to plan.
"I'd say have a budget plan first do it now, I didn't do it in the beginning," said Reed.
The Daycare Expert
Sofia Mado knows the cost all too well. That's why she opened her own daycare three decades ago, because she needed somewhere safe to leave her son.
So she understands what parents are going through.
"Parents are on the losing streak because they pay a huge amount of money in comparison to their income," said Mado.
And it's only gotten harder since 2020. Mado has been a force in Albany since the daycare crisis peaked during the pandemic.
"Many businesses have closed during COVID, so our available spots have significantly reduced," said Mado.
So she has a long waitlist of kids and a short list of staff members. She says costs can vary, but tend to be around $300/week.
"Buffalo is among the lowest rates in the US," said Mado.
She recommends getting on the list ASAP and using all the help you can.
Things like New York State's Child Care Assistance Program and Workforce Development Institute's program for working parents.
The Financial Expert
Who better to help you through this than a financial planner? Sarah Blankenship, COO of Wilcox Financial, has parents come in all the time.
"Obviously having children is not a financial decision all the time. It's a decision with your heart, so it's hard to plan and prepare for," said Blankenship.
So her tips are:
- Plan as much as you can (emergency fund, paid leave, etc.)
- Have "money dates" with your partner (where you create a comfortable environment to talk about finances)
- Simplify (don't splurge on the Pinterest-level party for your one-year-old)
- Lean on community support
"Getting a group of women who can maybe help each other, leaning on friends and coworkers and family for help, if you have children who are in sports, carpooling," said Blankenship.
That support group for Shakema and Mahogany is Durham's Maternal Stress Free Zone on Buffalo's East Side.
"It's really great support and it helps you as a mom to be able to get some of your rest too and know different ways, meeting other mothers knowing how to cope with stressors and being led in the right direction
They meet on Wednesdays at 5:30 at 200 E. Eagle Street.
