Budget and Family Planning
Raising a child can be an expensive endeavor. To prepare a child for a successful life, the birth of a child should be planned for in advance, particularly in matters of finance. There are two logical cases for family planning. First, planning for when a couple has their child minimizes impact on the quality of lifestyle of the parents. The second, and more important, case for family planning is the actual quality of life the child will enjoy.
Other People Are Reading
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The Cost of Raising a Child in America Today
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"Time" magazine reports that, as of 2007, the average cost to raise a child to the age of 18 was a staggering $204,060 per year. This cost is applicable to a typical lower-middle-class home. Factors such as devalued currency in the wake of the post-2000-era recession contributes to this cost, along with higher costs of goods and energy; education beyond high school isn't included in this cost. Given the price, taking adequate financial preparatory measures before bringing a child into the world is of more importance now than perhaps in any other period in history.
Taking the Edge Off of the Baby Budget
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Mounting costs incurred by parents raising children is often due to a dependence on manufactured goods and processed foods to compensate for a lack of critical domestic skills. Although it doesn't much matter whether the man or the woman in the relationship takes the role of sewing or carpentry, for example, households without anyone able to perform these required tasks have little recourse other than heading to the department store or hiring someone to perform these services. Would-be parents can prepare themselves by learning to cook healthy, baby-friendly food processed at home and by sewing baby clothes, thereby reining in some of the costs associated with new parenthood. Of course, once the child starts attending school, clothes that adhere to current fashion trends are probably more important --- a baby or toddler doesn't usually care about his clothing, as long as it's comfortable and warm. Carpentry proficiency can be an unexpected source of savings for expectant parents through building furniture such as highchairs and cribs. Carpentry skills also help parents maintain their own homes without outside contractors' assistance, thereby freeing up money from the repair budget for reallocation into the child-care fund. A strong family structure can also be a boon to taking the edge off of the cost of rearing a child, as retired elder relatives may be able to offer some of their free time for babysitting, particularly if they live on the premises or are healthy enough to remain active.
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Month-to-Month Budgeting for a New Baby
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According to the $204,060 statistic, the month-to-month expense of a single child boils down to roughly $945 per month. Although it may seem excessive, setting aside the same amount every month for the child even when his care doesn't cost that much is a good way to get ahead on unforeseen costs such as medical expenses that may pop up, or to provide a nest egg the child can use to launch his post-secondary education. Children whose parents have taken time to create a stable environment by budgeting for them prior to birth are in a better position to succeed academically, and, subsequently, lead a successful life. Timing the birth of children can be achieved either through the use of prophylactics or via abstinence, as individual beliefs necessitate.
Don't Forget Insurance
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As macabre as it sounds, not all parents live to see their children reach adulthood due to accidents and illness. Having a strong life insurance plan, coupled with a detailed will, ensures that in the event of a family catastrophe the children still have the funds to be looked after. In addition to an insurance fund safety net, parents should appoint a guardian to look after their child should they be unable to.
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References
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