Being a parent is one of the greatest experiences of your life, but it can definitely hurt your wallet. Check out some things to keep in mind with the rising costs of caring for children, and start planning as soon as possible. Remember to consider the following to help set your finances on the right track.

  • Adjust your budget now. Start setting aside money as soon as possible, even before you are pregnant.
  • Plan out baby purchases. Sit down with an experienced parent and list all the things you will need to buy for your baby and go get them. Shopping will be much more difficult after your baby comes.
  • Use any leftover savings to open an investment account or CD.
  • Set aside Money for unpaid Maternity and Paternity Leave.

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Comments

Jim 's picture

Some great points. What is a good ballpark figure to set aside and save for paternity leave?

Rogue Education Team's picture

This answer will be different for everyone, but here are a few things you can do to prepare.

First, you'll want  to talk to your employer, so you have an idea how much time off you will have, both paid and unpaid. Most women get 12 weeks, however, some do not.

Next, you should add up all your typical expenses for that time period including bills, groceries, and gas, plus the added costs of your new baby (diapers, wipes, formula, etc.)

It's always a good idea to save up a little extra for unexpected expenses that may come up during that time. 

So, for most women, saving up enough to cover your expenses for 12 weeks, plus a little more, should help ease some of the financial burdens during this exciting time in your life!