And Baby Makes Three
As new or expecting parents, it’s easy to get caught up in the excitement of the new addition to your family – and, if not cautious – even easier to overspend in preparation. Designer outfits are cute, but your newborn won’t know the difference between brand name and generic. Creating a nurturing and financially stable environment starts with saving money and setting a budget well before your infant is born. And, anticipating that as your child grows, so will your expenses.
In 2007, the US Department of Agriculture estimated that the cost of raising a child from birth to age 18 was over $204,000, and that did not include the costs of college. Luckily, the costs in early years are lower, giving you time to build the costs into your financial plans. To help you work out a spending plan and budget for your new arrival, here are some key points to consider: