Why Do You Need an Emergency Fund?
- Job loss or unemployment
- Medical or dental bills
- Home repairs
Babies are one of the miracles of life. Also miraculous is the growing cost of raising a child, which is why financial planning for a baby can be so important. From birth, through childhood, to adolescence (oh, the fun times) and into young adulthood, having children means a range of expenses. New expenses. This is where financial planning for new parents comes in.
If you’re planning for a child or about to welcome a new addition to the family (congrats!) and you want to prepare for a baby financially, here’s a breakdown of the expected—and some of the not-so-expected—costs to consider for your budget:
Although the numbers associated with raising a child can be eye-opening, and perhaps intimidating, it’s not that difficult to prepare for a baby financially. It just takes some organization, forward thinking and careful financial planning for a baby. That means spending less while raising a family and saving wisely with your online savings account. By planning ahead and being prepared, you’ll make financial planning for new parents look like a breeze and enjoy the ride of parenting.
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1 Study by T. Rowe Price Retirement Plan Services.