Monday, 13 August 2018
It's a fact: Having a family and raising children is expensive.
The cost for a middle-income family to raise a child born in 2015 through the age of 17 is $233,610, according to a 2017 report from the U.S. Department of Agriculture. And that's before you send them to college!
Of course, expenses will vary from year to year, and there's no real guide on what to expect financially when you have children. There are, however, steps you can take to avoid being blindsided by children's expenses, even before you bring home that first baby.
Even before the baby comes, you can take some proactive financial steps:
The game of life is unpredictable. The day will come when you have to choose which expenses related to your kids matter most. Be prepared by prioritizing expenses before an emergency:
Thinking ahead when planning for parenthood will hep keep you on the right track for your family's successful financial future. Start implementing these financial strategies now, and you'll not only develop good habits for yourself, you'll provide a great financial planning model for your child. That's a lesson every child can benefit from!
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