The 'Kid' Factor

“There really are places in the heart you don’t even know exist until you love a child.“—Anne Lamott

There are also costs associated with having a child that you didn’t know existed until your little one arrived. Or you knew there’d be other costs, but didn’t really realize how much until the actual bill arrived. Planning a new addition to the family? Educate yourself about the potential costs.

The Hits Keep Coming

While the saying goes, “You can never really afford a child,” there are things you can do to make things financially easier on yourself. One way is by preparing for future costs that could arise, including:

Day care. Did you know that according to the National Association of Child Care Resources and Referral Agencies’ 2016 report, on average, families will pay $17,062 a year to have full-time infant care at a facility? Chances are, day care is probably costing you more than your first—or even current—vehicle. However, more families than not in today’s society include two working parents. Therefore, day care accounts for a bigger share than it has in the past.

Budget miscalculations. Especially in the beginning, if the mom is breastfeeding, you may think your bills will not increase that much. However, this isn’t the case. When mom is breastfeeding, your grocery bill may go up for a while. And what if you end up needing to switch to formula? Add in the changing costs of diapers, wipes and medicine. Create a buffer within your budget in order to stay on course with your finances.

Give us a call to set-up an appointment to learn more about the services we offer in order to help you financially prepare as much as possible for a family. Topics up for discussion can include but are not to debt management and creating a budget.

If you’re thinking about having children—or already do—and need to get set up financially, give Jefferson Credit Union a call today!