It costs $10,000 to have a baby, according to leading investment adviser, Scott Pape.
In the year leading up to pregnancy, he says $10,000 “at the very least” should be put aside.
The Melbourne-based finance guru puts the average cost of having a baby in a private hospital at $8,500 per birth – not including obstetricians, nappies or push presents.
Writing for his Barefoot Investor blog, Pape says the same amount of money is needed if you plan to give birth in a public hospital.
“Think of having a baby as like starting a business. There are significant upfront costs that can be amortised over subsequent product releases, but these upfront costs are really going to hit you,” he said.
The financial guru says some first-time parents suffer from “little emperor syndrome” and go “a little ga-ga” when they are expecting.