If you and your partner are considering having a child, then
you may be dreaming of decorating the nursery and buying cute outfits. And,
while those things may be fun to think about, the fact of the matter is that
babies cost money, and, if you’re not properly and realistically prepared for
them, financially speaking, they could seriously adversely affect your
financial situation. None of this is to say, of course, that you shouldn’t have
a baby, but it is to say that you need to do some very real thinking and
planning before you do.
Know the Costs and the Benefits
First things first, before you take the plunge into
“babyville,” take a minute to tally up what you earn and what you spend in a
month. Then, do the math to figure out about how much you’d need in baby
supplies, child care, and other related baby expenses per month. If the figures
don’t match up and it doesn’t look like you could afford a child, it may be
smart to hold off until you’re earning more and/or spending less.
Of course, babies, financially speaking, aren’t all bad!
Also consider the tax benefits and breaks that come with having a little one,
and factor those into your “money math.”
Get Your Education
Another important tip to consider before taking the plunge
and having a baby is whether or not you and your spouse have both attained your
highest level of desired education. Education is EXPENSIVE, and unless the two
of you can afford both a baby and going back to school, it’s smart to wait and
have your child after your educations are complete, and, preferably, after your
college debt is paid off!
If you can keep these simple tips in mind and be careful not
to go overboard on baby spending, there is no reason that you and your spouse
can’t bring a baby into your partnership without breaking the bank!
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