If You’re Considering Starting a Family


If you want to start a family, there is much to think about. In addition to the excitement of a new addition to the family, the choice of expanding your family will have some financial repercussions as well. Before you decide to start a family, consider:

* Budgeting for baby. A child will usually require some form of nursery, clothing, diapers, food, and more. You will need to pay for medical bills, babysitting services, and other services as well. Maternity leave may mean a smaller income for a short while. Don’t get overwhelmed, but do start planning now for added expenses.

* Start saving. Start saving money as soon as you decide to have a family, so that you have the extra cash on hand for all the new purchases you will need to make.

* Develop an emergency fund. If you already have one, add to it. A baby often means emergencies and new, unexpected expenses.

* Repair your credit and pay down your loans. The less you have to repay on debts, the more take-home money you will have for your new family. If you do need a loan, you will have an easier time securing one with good credit.


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