Depending on where you live, it can cost anywhere from $200,000 to more than $300,000 to raise a child. Fortunately, that’s spread out over 18 years and not all at once! But it’s an important reminder to take some time to see where you are with money.
First, think about what you’ll need to spend money on when you have a baby and what expenses you’ll have in the years ahead:
- Food and clothes (including diapers)
- Housing (for you and with room for your child as they grow)
- Estimated costs for health care and dental care
- Child care (if you’re still working or when you want to go out)
- Furniture (including car seats as your kids grow)
- Toys and activities
- Life insurance (to provide for your child if something happens to you)
And that’s just the beginning. Take time to think about what you needed growing up. If your friends or family members have their own families, ask what they spend money on (especially what they didn’t plan to). Once you have your list of potential expenses, do a little research to see how much things might cost.
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