Saturday, February 18, 2006
When it comes to having a baby, creating a financial plan and budgeting are a huge issue. A new survey from VISA finds that 76% of expectant parents considered themselves financially prepared without realizing what being financial prepared entailed. More than half of all new parents overspent on baby items. They also claimed that tension in their relationships created more stress for both parents.
One of the most costly aspects of having a child was for the actual delivery. Over a quarter of new parents shelled out over $2000 out of their own pockets for the delivery.
The U.S. Department of Agriculture estimates that an average American family will spend $184,000 raising a child and this doesn't include college costs. There is a new Baby Budgeting Calculator that can help parents predict the true cost of raising a baby.
Having a good financial plan and one that reflects reality is an important part of being able to put aside some extra money for your kids' education.
Posted by savingadvice at 7:01 PM