Are you thinking about having kids? Are you afraid that you won’t have the money to raise children? First of all, I applaud you. Good for you for thinking about these expenses, that is a smart move!
So, what expenses should you prepare for when you are getting ready to have kids? Well, let me tell you!
Expenses to Prepare For With Kids
Daycare
If both parents work outside of the home, daycare is going to become a substantial new expense, so you need to prepare for it. The price you pay will depend on what type of childcare you choose (nanny, in home day care, day care center, etc), but it is an expense that you should prepare for.
Medical Expenses
Not only will you have the expense of giving birth to the child, but you have to remember, you are adding a family member. You will need to add the child to your medical insurance and if this is your first child, this will generally result in an increase to your costs..
Groceries
Prepare yourself. Once you have kids in the house, your grocery bill is going to grow and grow and grow! Of course, when they are little this won’t be so noticeable (unless they are on formula, which we will discuss next), but once they are a little bit older, all bets are off. I have 3 kids and just my 12 year old son could easily eat $500 worth of food himself each month. Having kids at home requires you to get better at budgeting this expense!
Baby Expenses
When your child is a baby, you can easily spend a couple hundred dollars each month with baby expenses, such as diapers and formula. Just make sure to budget an extra cushion into the family monthly budget when your kids are babies.
