Financially Preparing for a Baby
The U.S. Department of Agriculture speculates that a middle-income family will spend more than $165,000 (in today's dollars) raising one child to the age of 18. That's not counting fertility treatments if needed, adoption costs, private schools, after-school lessons, or college, which can add $100,000-300,000 to the bill! Check out this article by Parents.com by Deborah Gaines about how much it costs to raise a baby and how to get ready and save. Some of her tips can help make that price tag look a little less daunting. Here are a couple of her savings tips:
1. Maximize your health insurance benefits.
2. Sign up for disability.
3. Think about getting life insurance!
4. Take it easy on the baby buys.
5. Cut down on credit card debt.