CHICAGO, IL--(Marketwired - Jun 5, 2013) - With the rising cost of bringing a child into the world, TransUnion wants to remind consumers that with proper financial planning, they can lower the financial stress of having a child and focus on the joyful event. Today, TransUnion announces the launch of its TransUnion's Baby Shower Blowout Sweepstakes on Facebook to help one lucky expectant family welcome their newest addition.
According to a 2010 USDA report, the average middle-income family will spend roughly $12,000 on child-related expenses in their baby's first year of life. By age two, parents are up to more than $12,500 per year. Parents can count on spending close to $50 per week ($2,448 per year) on diapers, formula and baby food alone. Then toss in such big-ticket items as furniture, equipment, clothes, childcare if you're returning to work, medical expenses and much more and it can lead to financial stress on new parents.
"For most families, having a baby is a time to rejoice and celebrate. However, don't be surprised if your joy is tempered by money worries," said Julie Springer, vice president at TransUnion responsible for consumer education. "Identifying the many ways a baby affects your finances will help you plan ahead. This lowers the likelihood of missed payments that can negatively affect your credit score. It can also lower stress levels and let you focus your attention on your newest family member. TransUnion is excited to help one lucky expectant family with some of the initial costs of welcoming their new bundle of joy."
To enter the Sweepstakes online, simply visit and "Like" TransUnion's Facebook Page at www.facebook.com/TransUnion and fill out the online entry form. Entries must be submitted between June 5, 2013 and June 26, 2013, 11:59 pm CDT. Limit one sweepstakes entry per person.
The TransUnion Baby Shower Blowout Sweepstakes is open to U.S. residents, 18 years of age or older, who have pre-existing internet access and Facebook accounts. Employees of TransUnion, ePrize, Inc., and their respective parents, subsidiaries, agencies, and affiliated companies and their immediate families are not eligible. No purchase necessary to enter or win. Download the official rules.
While starting a family is a very exciting time, it is also important to remember that the little bundle of joy can sometimes come with a big price tag and it is important to be financially prepared. TransUnion provides the following tips for starting your new family off on the right financial foot:
- Make a list of the essentials and the "nice to haves" for your baby and focus on the essentials.
- Evaluate your medical insurance policy to see what expenses will be covered during pregnancy and infancy.
- Skip the top-of-the-line, high-priced stroller or crib with all the bells and whistles. Consider purchasing a highly recommended, reputable and safe stroller or crib that still fits within your budget and you'll have money left over for diapers and formula.
- While it may seem early, couples can open a tax-advantaged or other college fund for their newborn by setting aside a specific amount each month. This can help alleviate stress when it's time to send kids off to school.
- Research the cost of childcare and discuss which options are right for your family.
- Do your best to be sure your financial house is in order before baby arrives. You can get started on this by working together to reduce debts and making sure both of you have credit that's in good standing.
- Create a "baby budget" in advance of having the baby. Consider putting away money now for daycare, diapers, food and clothes. Remember, childcare services can cost a few hundred dollars per week or more and just one container of formula can run as much as $25-30 and it goes fast.
- Having a baby is an exciting time, but don't let spending on gifts and clothes for your unborn child get out of control. Kids grow out of their newborn clothes and move on from one toy to the next very quickly.
- Once your little one has arrived, start a nest egg for him or her. Instead of registering for gifts, consider asking your friends and family to contribute to his or her college fund. That way when the big day arrives and they leave the nest, they can use that money to fund their education.
To enter TransUnion's Baby Shower Blowout Sweepstakes, visit www.facebook.com/transunion.
For more information on how to better financially plan for life events, such as starting a family, visit www.TransUnion.com.
TransUnion Interactive, Inc. is a consumer subsidiary of TransUnion. As a global leader in credit and information management, TransUnion creates advantages for millions of people around the world by gathering, analyzing and delivering information. For businesses, TransUnion helps improve efficiency, manage risk, reduce costs and increase revenue by delivering comprehensive data and advanced analytics and decisioning. For consumers, TransUnion provides the tools, resources and education to help manage their credit health and achieve their financial goals. Through these and other efforts, TransUnion is working to build stronger economies worldwide. Founded in 1968 and headquartered in Chicago, TransUnion employs associates in more than 33 countries on five continents. www.transunion.com. Follow us on Facebook at http://www.facebook.com/TransUnion.