Cost of Raising a Child
We all know raising a child is expensive, but it’s hard to get our minds around exactly how much it costs. Visit the link to the calculator below for an estimate, but check out these tips first:
- Know what your insurance pays – Costs for prenatal care and delivery at a hospital can run high. Even with insurance, you’ll likely still have to pay a sum out of pocket. Make sure you understand how much you’ll be responsible for.
- Think about college today – Planning for a new baby’s college expenses might be the furthest thing from your mind. However, saving while your child is young will put time – and compound interest – on your side.
- Decide on child care – Will you or your spouse stay home with your child? Do you have a willing family member who can offer free day care? Account for the costs of child care or how much you or your spouse will lose in income if you stay home with the child and save accordingly.