Sunday, May 24, 2009

How Much Kids Cost

FROM CNN: A new baby is perhaps the *greatest* investment of all.. And that's why parenting experts say it's important to know what to expect *before* you're expecting.

Experts say the ballpark figure of expenses for one kid is about 10 thousand dollars per year. If you add that up for18 years, that's 180 thousand dollars. So it may be time to rework your monthly budget.. To make room for a baby. "Look at how much you have coming in, where you can cut back and then see where you are.""You want to have around 5 to 10 percent wiggle room in your budget no matter what."

Shaw also says if you work, make sure you know what your options are regarding maternity leave and health insurance. Also.. Don't forget about childcare. If you plan to stay at home.. She suggests trying it out for a few months before getting pregnant to see if you can live on one income.

Uh, so can I afford three kids? Hmm... I think I need a side job at this rate! I think I will spend the next three months thinking about how to cut my expenses! Do you spend $10,000 a year on your kids? What age costs the most money?

-NewsAnchorMom Jen

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