It’s unwise to start planning a family if you do not have your finances in order, which can lead to financial struggles that you may not be prepared for. Statistics show that Millennials have fewer children than other generations because they do not have the financial security to support raising children and starting a family.\u00a0<\/p>\n
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A financial planner was asked how much of his decision to have kids was determined by his finances, and he replied saying that it certainly played a big role, but it wasn’t the only factor. If we are constantly struggling with bills and rent, it is unlikely that we have the mental space required to plan for a family.\u00a0<\/p>\n
Many people are quick to claim that money doesn’t buy happiness, which may be true, but it is better to have money than live with financial insecurity. Being a parent means that your life is no longer just about yourself and that you have to take responsibility for your children’s upbringing. Although external factors affect the decision to have children, financial stability is arguably the most important factor many people consider.\u00a0<\/p>\n
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If you have a contractual job and your career is sporadic, you may not have a stable income to afford living consistently. It helps to have a reliable job that offers good pay if you are planning to have children, and you must have some cash set aside for emergencies.\u00a0<\/p>\n
Life isn’t always predictable, and many expenses can a riseout of nowhere, which is why you should have a cash cushion in place to deal with unexpected costs. Your financial base should be strong enough to deal with a few setbacks, and you should have a financial plan in place to be prepared for any unpredictable circumstances.\u00a0<\/p>\n
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There are medical bills to be paid if you’re having a baby, and you should get details from your insurance company to have an idea of the covered costs. You also need to invest in some material needs for your baby, including clothes, diapers, a bassinet, etc.\u00a0<\/p>\n
There are also prenatal and postnatal services that can add to the finances, which need to be considered before planning for a baby. You must also remember that a baby’s expenses are ongoing; you need to be prepared for 18 years of costs and have a consistent influx of cash. Statistics indicate that raising a child can cost around $15,000 per year, and there is some pressure to be expected for parents to buy new things and upgrade their homes.\u00a0<\/p>\n
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It\u2019s crucial to plan your finances before deciding to have a baby, as this can lead to a long life of struggle if you are not prepared beforehand. Financial stability is immensely important and should be prioritized before starting a family.\u00a0<\/p>[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"
It’s unwise to start planning a family if you do not have your finances in order, which can lead to financial struggles that you may not be prepared for. Statistics show that Millennials have fewer children than other generations because they do not have the financial security to support raising children and starting a family.\u00a0 […]<\/p>\n","protected":false},"author":91,"featured_media":170,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"2880","footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/dev.myfamilyaid.com\/wp-json\/wp\/v2\/posts\/274"}],"collection":[{"href":"https:\/\/dev.myfamilyaid.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dev.myfamilyaid.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dev.myfamilyaid.com\/wp-json\/wp\/v2\/users\/91"}],"replies":[{"embeddable":true,"href":"https:\/\/dev.myfamilyaid.com\/wp-json\/wp\/v2\/comments?post=274"}],"version-history":[{"count":3,"href":"https:\/\/dev.myfamilyaid.com\/wp-json\/wp\/v2\/posts\/274\/revisions"}],"predecessor-version":[{"id":277,"href":"https:\/\/dev.myfamilyaid.com\/wp-json\/wp\/v2\/posts\/274\/revisions\/277"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dev.myfamilyaid.com\/wp-json\/wp\/v2\/media\/170"}],"wp:attachment":[{"href":"https:\/\/dev.myfamilyaid.com\/wp-json\/wp\/v2\/media?parent=274"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dev.myfamilyaid.com\/wp-json\/wp\/v2\/categories?post=274"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dev.myfamilyaid.com\/wp-json\/wp\/v2\/tags?post=274"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}