Tiny, Cute and Pricey: Babies Bust Parents’ Budgets - Other News

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Credit Card Applications » News » Other » Tiny, Cute and Pricey: Babies Bust Parents’ Budgets

Tiny, Cute and Pricey: Babies Bust Parents’ Budgets

Tiny, Cute and Pricey: Babies Bust Parents’ Budgets
August
7

They say good things come in small packages – and so do expensive things.

Take, for example, a newborn baby. Weighing in at seven or eight pounds, that adorable bundle will cost his or her parents nearly a quarter of a million dollars by high school graduation. That’s according to the U.S. Department of Agriculture, which recently estimated the cost of raising a child from birth to the age of 18 to be $234,900. And that’s before college tuition.

The birth of England’s newest prince (aka His Royal Highness Prince George Alexander Louis of Cambridge) earlier this month may have given rise to a rash of baby fever among commoners – but for those on a somewhat less than royal budget, nonprofit consumer credit agency Money Management International has a few financial tips to consider before diving headfirst into parenthood:

  • Get a grip on debt. If you are carrying credit card balances from month to month, make a plan to pay them off before having a baby. Once the balances are gone, you can put those monthly payments toward a savings plan. If you are in over your head, contact a nonprofit credit counselor for help figuring out how to repay debts.
  • Think about insurance coverage. Besides healthcare coverage for maternity care and well baby visits, long-term disability and life insurance may need to be part of your insurance package once you become a parent. Make sure you have the coverage you need.
  • Consider childcare costs. For working parents, daycare is one of the biggest expenses that come with a new baby. Think over your options and check costs in your area.
  • Make a “baby budget” and start living on it. If you’ll be relying on one paycheck instead of two, find out how that will feel by giving the new budget a test run. Your lifestyle will be different after the baby arrives, but getting used to your new budget will make the transition easier.
  • Ask your friends for advice. There’s nothing like wisdom from those who have been there. Your friends can give you valuable insight into what life will be like with a new addition to your family. Ask them to share their budgeting strategies with you and learn from their experience.

These tips are from Money Management International (MMI), a nonprofit credit counseling agency that provides financial education and debt management services. Learn more about what they offer by calling 866-490-9477 or visit their website at moneymanagement.org.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
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