Know Your Budget. “Understanding your budget is probably the best way to gauge whether you …
Can you afford to have a baby? Give yourself an adequate financial assessment and think about some of the costs as you plan for your family.
Now, you just need to decide if YOU can afford another baby. Don’t just follow the logic of “if we all waited till we could afford to have kids nobody would have them” but don’t feel like you have to …
Once you’ve figured out your post-baby budget, start living on it—even before you get pregnant, Becker advises. And put the money you would be spending into a savings account.
On its face, this sounded totally irresponsible. Budgets are good things and children can be expensive. But we’ve found wisdom in this countercultural idea that might be helpful to you. First, it’s reminded us over the years that the costs and financial sacrifices associated with children really are different from the other ways we spend our money.
Learn how much adding to your family will really cost — and if you can afford it. Raising a child is no cheap endeavor. You’re constantly budgeting for diapers, clothes, baby gear, college savings, food, childcare , enrichment classes.
Married couples who file jointly, have one child, and earn no more than $110,000 a year can claim $1,000 a year, in addition to the $4,050 exemption you can claim for each dependent. Then there’s a flexible spending account (FSA).
*Additionally, a one-income family is one that treats all incoming revenue as “shared,” not “yours” or “mine.” If you need to change your thinking on this, do it now. …
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These are really one-off expenses so you may or may not want to include them in a monthly budget depending on whether you already have the money to pay for them. If you need to save or pay in installments then use the ‘before’ (saving up before baby arrives) and ‘after’ (paying off the cost on a monthly basis) columns appropriately.
Set up a family RESP plan. “If there are two or more children, I always recommend a family plan,” says Vancouver financial advisor Adrian Mastracci. That way if one opts out of post-secondary education, you can direct all the income and capital in the account towards the other.
Enter an estimate of all family dinners out and other entertainment here. Try paying by credit or debit card and tracking expenses for one month beforehand to get an accurate, all-inclusive number.
We can help reduce the amount you owe and lower your monthly payments today! Get Started. Close; How to Create and Manage a Budget. Talk to a financial adviser to learn more about the options and what amount of saving you can afford. Once you implement a plan, stick with it.