You’re making the decision to start a family – and it’s a big one. As eager as you are to become parents, you realize that life as you know it will change forever. You may be ready to experience the joys of parenthood, but you want to be sure you’re ready. Though starting a family will impact you mentally and personally, financially, it’s a huge consideration. Here’s a look at some financial factors you should seriously consider before starting your family.
You know you want a family but do you have the finances to support one? Chances are you know that having a baby won’t be cheap, and there are a lot of other associated costs with starting a family and raising children that need to be considered.
- Housing – If your current living space isn’t large enough to accommodate a family you’re going to need to relocate. If you’re not quite ready to own a home, there’s always renting a house or a larger apartment. You’ll need to factor in the cost of relocating. This not only includes the cost of the moving van and gas, but the changes in the cost of rent, utilities, and even the commute to and from work.
- Salary Changes – Throughout the pregnancy you may need to take time off. You’ll need to factor in how this time off will impact your income. This includes an extended leave once the baby arrives. If you don’t have any time off left on the books or don’t receive paid time off, this means you’ll be missing money every day that you’re out. Not to mention, medical or family leave is covered but does not provide you with a full salary.
- Medical Costs – Depending on your health insurance the medical costs of having a baby can add up. There are medical copays, hospital bills, and specialist appointments. You’ll also want to factor in the increased medical deduction from your salary since you’ll need to add your children to your insurance.
- Miscellaneous Costs – Not every couple is successful with conceiving naturally and may need to resort to other options. These costs need to be factored in when starting a family. Whether it’s paying for treatments to undergo IUI or IVF or working with a surrogate, there are going to be costs involved. For couples who chose to adopt, you can search for birth mother adoption agency to find out what their associated fees and costs are.
- Child Needs – Obviously, you’ll have to provide for your children. Though their needs will change as they get older, you can rest assured they’ll always need clothes, shoes, and food. You’ll want to factor in the average cost of raising a child each year based on this list of basic and other needs they’ll have like childcare and schooling, etc.
Having a child is a lifelong commitment. You want to make sure that you’re entering into this milestone fully prepared to give your child everything they need to thrive. One of the biggest factors in all of this is finances. Before you try to conceive, foster, or adopt, give your finances a review (both now and in the future) to ensure that you are prepared to handle all the changes that come with expanding your family.
