Kids aren’t cheap. Between education costs and just general expenses they can require tens of thousands of dollars. I recently found two tools that are extremely helpful at figuring out how much parents need to set aside for their youngsters. Take college for instance. Let’s say your little one is still in diapers. According to this (http://swz.salary.com/collegetu
But what if you haven’t made the plunge into parenthood yet, and you just want to see if you’re ready to handle the financial burden of a baby? This article (http://www.usnews.com/blogs
1. Do you have $5,000 to $10,000 worth of savings in the bank that could go toward baby-related costs?
2. Could you live on around $1,000 less a month, the average cost of child care? If you or your partner plans to stop working, can you support your lifestyle without that second income?
3. Do you know the details of your workplace maternity or paternity policy?
4. Could you afford to add an additional dependent to your health insurance?
5. Do you have an emergency fund that would cover at least three months of living expenses?
6. Do you have life insurance and a will?
7. Would you need to buy a new home or car before expanding your family?
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