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Costs of Parenting | XL Financial Blog

Preparing for the Costs of Parenting

Posted on 05. Sep, 2013 by in Financial Planning

You do not have to break the bank to be a parent, but there are some costs of parenting that seem to sneak up on you without you even noticing. Perhaps you have planned out the expenses for diapers, formula, and nursery furniture, but have you thought about the long term expenses? The following are some things that you may want to take a closer look at.

Extracurricular Activities

Look five or ten years into the future and think about all the extracurricular activities that your child may want to participate in. Perhaps they will want to learn to play the piano, take dance class, join a little league team, or participate in scouts. Sit down with your spouse and discuss how many extracurricular activities you will allow your children to participate in each year and figure out how much it will cost you per month. After doing this, you can begin to save now and have an “activities” fund at the bank, or you can just keep it on the back burner as knowledge that you will need to budget it in when the time comes.

College

Sit down with your spouse and discuss whether or not you will pay for your children to go to college. You may want to start a fund for them that they do not know about so that they will take the initiative to pay for college on their own. If they are able to, you can perhaps give them the money as a gift when they graduate. If they are unable to pay on their own, you could then use the money you have saved for them.

There are a lot of things to consider when you are becoming a parent for the first time. Be sure that you calculate future expenses into the costs of parenting so that they do not catch you off guard too much when they arrive.

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