Planning for the Cost of Parenthood
Being a new parent brings great joy, but with it comes great responsibility. There are different financial aspects that you need to plan and you need to be proactive with it as much as you can. You need to consider all the expenses that you’re expecting: the medical costs of pregnancy and delivery, as well as prepping your home for the family that you’re creating, especially the nursery that needs new baby furniture and gear.
Don’t forget the expenses that you’re not expecting. You need to set-up your family’s insurance needs and build an emergency fund. On top of that, you also need to account and budget for your family’s expenses in the first few years, building and executing an estate plan, start your child’s college fund and all that while slowly building your retirement savings as well.
Yes, it really is expensive to start a family but there is no need to worry. With proper planning, we’re sure that you will be able to push through. In fact, allow us to help you out by giving you an overview of the financial tasks that you need to tackle before the little one’s born. Here they are:
According to Care, the largest online family care platform, over 70% of families in the United States alone, are paying more than they should on childcare. In fact, they’re not expecting these costs to come down anytime soon, making it one of the highest expenses of parenthood. If you’re pretty strapped on expenses, then you can consider getting a personal loan with fair credit. There are a lot of financial institutions that offer them online as well as networks of loan providers that can help you out. Among many, you can consider getting personal loans with fair credit
2. Food, Diapers, Clothing, etc.
Another big priority is your baby’s basic needs. Your baby will need nutrition, and this means infant formula, bottles, and later on, baby food. Grooming is a big expense too. There’s no telling how much diapers you’ll need, how many packs of baby wipes you’ll go through, and other baby grooming essentials.
Of all the things you need to get, though, baby clothing probably racks up the highest cost. You need to get a new set every couple of months because babies (and children) grow up so fast!
3. Health Insurance
Anyway, the expenses that we have listed previously are all to be expected, but as we have mentioned above, there are events that can significantly throw you out of the loop…like an illness. Hence, it is very important to sign up for a health insurance
too. Or better yet, get the whole family insured. A baby’s immune system is still developing, after all, and can get quite prone to getting sick every now and then, despite our best efforts.
4. Life and Disability Insurance
Aside from health insurance, you need to secure a life and disability insurance for you and your partner as well. It’s a dangerous world we live in and anything can happen anytime. Thus, give you and your family some peace of mind and get insured as soon as possible.
5. Emergency Fund
Although everyone rebuilding their credit knows to establish an emergency fund for unexpected expenses, even a well-stocked fund can’t cover every emergency.
Not all unexpected occurrences can be covered by your insurances, as well. Remember the Disney movie Up? All they ever dreamed of was to go to Paradise Falls so they saved up for it. Sadly, they never got there because their savings always go something else—to unexpected expenses like a car breaking down, or someone suddenly losing a job. If only they had an emergency fund to get them through those rough patches, then they would’ve been able to fulfill their dream.
The good thing is, it’s not too late for you. Establish a solid emergency fund
, enough to let your family live comfortably for six months even without any income coming in. In fact, the bigger your savings the better. In this way, even if a big emergency comes up, you won’t find yourself in serious debt. Speaking of debt…
6. Cost to Raise a Child Until Age 18
Finally, you need to estimate the total cost to raise your child until he comes of age. Don’t forget to account for the inflation rate as well. While you might not be able to save enough for it right now, having a career plan for the coming years will definitely help a lot.
And that’s it! By keeping the tips we have shared with you in mind, we’re sure that you will be able to prepare for your family’s future and probably even reach the dream of financial freedom. Good luck!
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