Having a baby, and starting a family can be an exciting time in your life. However, bringing a little one into this world can be challenging, both emotionally and especially financially. There’s no getting around it: having a baby is expensive, and if you’re considering whether you’re ready for a commitment of this sort, it may be worth while taking some time out to figure out if you’re financially ready to have a baby. Here are 5 questions to ask yourself before deciding to have a baby that’ll hopefully help you make the right decision.
1. Do you have at least $5,000 to $10,000 in the bank?
Having a baby requires some initial investment in the form of prams, cots, furniture, clothes, car seats, and so on. That’s why it’s important that you have some substantial savings in your account to pay for these baby must haves.
2. Do you have substantial debt(s) against your name?
Being in debt whilst trying to start a new family can only add to the pressure and strain you’ll no doubt feel in those first couple of years. That’s why it’s important to get out of debt before deciding to have a family. Make sure you do everything you can do get out of debt ASAP. If you have multiple credit cards against your name, speak to the experts at Fox Symes about debt consolidation. With a little help from the
FSA Group you can combine all of your debt repayments into the one, saving you money and helping you keep track of your debt repayments at the same time.
3. Can you pay for child care?
Before deciding to have a baby, ask yourself if you can afford to pay for monthly childcare. Sure, you’ll want to spend as much time as possible with your little one in those first couple of years. However, there will come a time when you need to get back to work, and if you don’t have a willing grandmother or aunty to look after your child, you’ll have to pay for child care.
4. Can you afford an additional dependent on your health insurance?
Check with your health insurance company and find out how much it would cost to add another dependent to your existing health insurance policy. Sometimes, the cost of adding another person to your policy can be more than you can afford. So find this out before committing to starting a family.
5. Do you have friends with babies?
Not only will having friends with babies help you with invaluable advice and information, but they can also help you financially by giving you (or letting you borrow) baby equipment, gear and clothes. This will end up saving you lots of money in the long run as you won’t have to spend money getting this stuff yourself.
Having and then looking after a baby is expensive. That’s why it’s important that you really think about whether you can afford one before deciding once and for all. Sure, you’ll probably never really be “ready” to have a baby – financially speaking, at least. But it pays to ask yourself the above questions before starting a family. So do yourself a favour and really have a think about whether you’re ready to have a child.