The Truth About Raising a Child Today and What You Can Do Now

heaI’ve raised four children in New Jersey, so yes, I know how expensive it is to raise a family today.

And while I’ve said that children should come with instructions, we all know that doesn’t reallyhappen. We also know, that if we could foresee everything that was involved with having children before we actually had them, it’s possible we may have waited right?  The honest truth is that most of us would actually never trade any of it, not even for a split second, but knowing some things in advance so we could be could become more prepared could certainly help.

Deciding to have a child is a life long commitment. It is usually not a decision we take lightly. Think about all the time and money we spend on planning for our new addition. We research what to feed them, what furniture to buy them, where to buy their clothes and what car seat and carriage to buy and so much more. But did we ever stop to think about what it will cost to raise your child? I am here to tell you that it is extremely important to be as financially prepared as possible the minute you are even contemplating become new parents.

Here are some hard financial statistics taken from the US Department of Agriculture: The cost of raising 1 child from birth to 18, for a middle-income family, is approximately $245,340 dollars! That is roughly $12,800 – $14,970 per child per year. Yikes! That’s a lot of formula and diapers right!

Yes this can be scary, but if you can do these 6 things in preparation of your new arrival it will make for less anxiety.

  1. Get your budget straight – Make sure you have your debt under control and focus on building an emergency fund. Be ready for the unknown expenses that can arise.
  2. Protect your income – Consult with a financial professional and see how much simple term life insurance it will take to protect your household income in the event you pass, or your partner passes, so your child and family will be properly protected.
  3. Do not overspend – Don’t try to keep up with the Joneses. It is easy to look at all the cool stuff that is out there for a new baby. All that new stuff also comes with a hefty price tag. It is o.k. to do some research and shop for like new second-hand items for the baby, and use some hand me down clothes that the baby probably had on for an hour maybe once! They grow out of everything so quickly no need to spend top dollar. Save the money for more important things. If you´re looking for a great site with everything that your child may need, then check out babystrollercenter.com.
  4.  Look at college savings options – Ask your financial coach about the options available to start saving towards the baby’s college. You can also use the gifts you get from family members in these accounts. Ask about their tax benefits. If you want to save money while buying them gifts, then You should check out this gaming mouse pad review to get them great computer items for gaming in games like csgo, that they can learn how to play from sites like http://mycsgoboosting.com/guides/how-to-rank-up-in-csgo.
  5. Learn about Tax credits – Consult with your tax preparer about the tax credits available when you have a child that the government offers to you. You may also benefit from using a daycare or your employer may offer a spending account for you. You can ask your human resources department and find out your options.
  6. Analyze your health insurance – Now more than ever you need to understand your coverage, what it entails when you are having a child and when you have the child. Know your options. Call and consult with a healthcare specialist.

No matter how hard we try, we may never be fully prepared for the undertaking of raising a family. In reality who ever is? What we can do is be a prepared as we can. If you or any of your family members suffer of any health conditions such as anxiety or depression please visit www.kratomcrazy.com to find out about a natural drug that can help you get better.

According to Rhinosure, getting your finances in order, and learning what is available to help you will certainly lessen the stress in the financial department, of course there are other ways and products that can help you with that, there is information about cbd oil online so you have more time to enjoy your new family at the locksmith in brooklyn!

Have questions? I’ll be happy to answer them in person! Join me this Friday at our ETTWomen Meeting in Marlboro. Complete details HERE!