Expecting a Little One? Expect Debt

When you’ve got a baby on the way, you probably spend most of your time looking forward to bringing home your little bundle and preparing by buying baby goodies. And, while babies are certainly a welcome addition, they often bring along another, not-so-welcome addition: debt.

A recent survey conducted by Baby Center found that about 46% of new moms go into debt as a direct result of welcoming children. These findings really aren’t surprising either, since a child can cost as much as $13,000 per year in the early years.   

Plus, even the most frugal of people will often spend more cash than usual once their child arrives. Parents want their kids to have the very best, and that often translates to spending more on trips, presents, and other things that kids want and need.

If you are a mom or dad to be, then it’s up to you to start saving money that can be used toward your child and that will help to offset some of the debt you are likely to accumulate. It’s even better if you can start planning and saving a year or more ahead of time, but if that’s not possible, saving as soon as you know you’re pregnant can still make a big difference.

Plus, in addition to saving, parents are cautioned to do their best to tone down spending when their little one arrives. Kids don’t REALLY need all those new toys and fancy trips, and though it can be tempting to give in and buy them whatever they want, that’s not going to benefit you or your kids in the long run. So, be smart when it comes to your new child and do your best to keep debt at a minimum.