I posted this statistic on a social networking site and instantly it formed a lengthy discussion between myself and many of my friends. There were various opinions varying from "...it's a lot more..." to "...no way." Well, which one is accurate? To get a better understanding, I found the online story.
It seems that no matter how you cut it, children are expensive to raise.
I've heard numerous people say that they want to be financially ready before having a child. The bottom line is that in reality you may never be financially ready due to the enormous cost to raise a child today. However, people raise families on all types of incomes. One of the key strategies to raising children is to plan responsibly.
I've heard numerous people say that they want to be financially ready before having a child. The bottom line is that in reality you may never be financially ready due to the enormous cost to raise a child today. However, people raise families on all types of incomes. One of the key strategies to raising children is to plan responsibly.
A few ways to plan responsibly is:
- Understand your budget. Mint.com is a helpful and FREE site that will organize your finances. In addition, you may find it beneficial to consult with a financial planner.
- Shop mindfully. Don't be afraid to use coupons and buy when deals are hot. Every penny counts and they do add up. Furthermore, know the difference between needs and wants. Don't buy things just to buy things, but get what you absolutely need first.
- Practice the art of saving. Putting a little money aside each month will add up over time. Save for the rainy days and save for your family's future.
Obviously, these were the first few things that came to mind and by no means are these the only ways to be a responsible planner. It was an interesting story that got my friends and I thinking. Raising a child is expensive and as many of my friends said, "They are completely worth every penny!"
