Starting a family is incredibly expensive. What seems like one of the most natural things in the world to want and do can cost you around $200,000, all things considered. And that’ll take some saving up for! So when you decide with your partner that now’s the right time to expand the family, it’s best to sit down together and work out the financial logistics.
What’s it going to cost to add another member to your household? You’ll need a budget, at the very least, but you’ll also need a few more things on side to help out. Check them out below.
Start by Deciding Work Arrangements
Having a child gets so expensive because someone has to stay at home and look after the little one. As such, it’s best to work out beforehand who’s more likely to be needed at home. Of course, mothers typically decide to take maternity leave and often get a better rate of pay during this time.
However, depending on who has the better paying job, it’s up to you who takes on the bulk of the childcare. You’ll also want to decide when you’ll go back to work after having a child, and what childcare arrangements will look like if you both need to be in full time roles.
Don’t Forget to Consider Accidents and Illness
Anything can happen to you, at any time. Sure, it’s a scary thought and you don’t want to entertain it while you don’t have to, but it’s important to consider right now. What would your child have if you weren’t there? As such, it’s a good idea to get your will written out early on. This is your chance to make sure the right people are given what they need to go on without you.
You’ll also want to look into life insurance plans. This is another good way to boost the money and assets your child (and your partner) will benefit from if you’re not around to take care of them. You can even work with an agency to find the right policy; check out these Family FIrst Life reviews to get a good grasp of what you need to look for in an insurance broker.
Get Saving for Them Early
Saving for your kids should start early; the best day to do that is as soon as you realize you and your partner want a family. It’s always nice to give your child a boost where you can, and money tends to go the furthest!
After all, your child may want to go to university or other higher education one day, and that’s hard to pay for on the fly. You’ll also want to have a fund in place in case something happens. If your child gets sick or gets into an accident, you’ll have money available in case treatment is needed.
Starting a family will cost you a lifetime’s income. Get on the budget now for the best start possible.