Becoming parents can be emotionally rewarding but financially draining. According to the U.S. Department of Agriculture (USDA), raising a child from birth to age 17 costs more than $233,610. This does not include the thousands of dollars you may spend on their college education.
Financial Planning for a Child
There are many financial issues to consider when planning to become parents, starting with how it will affect your family income. Taking time off work during and after pregnancy or adoption may require you to completely reassess your budget if your salary is reduced.
Review Your Health Insurance Plan
While checking disability insurance, be sure to know what to expect from your health insurance coverage. Your insurance policy’s provisions will determine how much you will spend out of pocket.
Assess Childcare Costs
Perhaps the biggest expense you will incur once you become parents (excluding college education) is childcare, which is particularly costly for infants. Even when your child is old enough to go to school, you may have after-school care, summer camps, and other related expenses.
Thinking Long-Term
Becoming parents can have an immediate impact on your finances, but you also need to look at the big picture. Will becoming parents allow you to continue achieving your other financial goals, such as saving for a comfortable retirement or buying a home if you haven’t done so already? If you own a home, will you need to upgrade to something larger, which could mean a higher mortgage payment? Are you planning to change jobs, which could affect your salary or health benefits?
All these questions are extremely important to ask before deciding whether becoming parents is the right choice for you. Discussing them with your partner and examining all financial aspects can help you determine if you are ready to take the leap.
References:
- U.S. Department of Agriculture. “The Cost of Raising a Child.”
- U.S. Department of Labor. “Fact Sheet #28A: Employee Protections Under the Family and Medical Leave Act.”
- Internal Revenue Service. “Child and Dependent Care Credit.”
Source: https://www.thebalancemoney.com/can-you-afford-to-have-kids-1289267
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