The cost of raising a child has increased by 25% in the last 10 years. Yes, you read that right, we’re talking tens of thousands more. “The government’s most recent annual report reveals a middle-income family with a child born in 2010 can expect to spend roughly $227,000 for food, shelter and other expenses necessary to raise that child – $287,000 when you factor in projected inflation,” stated the folks at CNBC in an article from earlier this month.
These experts exclaim, and many agree; the decision to expand your family has much to do with dollar signs. I hear my husband often telling his male friends, “If you wait until you’re ‘ready’ you’ll be waiting forever.” I think this is true, but I also feel there is some ‘getting ready’ that can take place at a minimum during pregnancy. The CNBC folks chime in, “Plan early.” Get your finances in order, think about childcare – or consider one parent staying home, think about your car and home, and maternity and paternity benefits. And most importantly, start saving today. Beginning a SmartyPig goal for your new addition can help you cover your labor and delivery costs, a place for that bundle to sleep, and the many accessories that will accompany your new family member.
And after they arrive? Well, then it’s time for an emergency fund. While we hope you never need it, there’s a decent chance you will, for at least something small. And that goal will surely help you sleep better at night. Even if you’re new addition isn’t.
Wishing you successful saving.
Sarah Foss, SmartyPig’s Media Mad Woman