5 Biggest Potential Expenses of Raising Kids
If you’re about to become a parent, you’re probably anticipating the joy a child can bring. You may have also thought about your discipline style and how you will deal with issues that may arise. However, there’s another aspect of parenting that is rarely discussed – the financial aspect. Consider the five biggest potential expenses of being a parent so you can prepare for them to the best of your ability.
Education
From the time your child starts day care until high school graduation, the costs never stop. Lunchboxes, school fees for field trips, back-to-school clothes, pens, pencils, crayons, flash drives, notebooks and more are required and they don’t come free. Assuming your child will attend a public school, tuition is free. However, if your child will be better educated elsewhere, add to the budget the price of tuition. This continues until high school graduation when he or she makes a critical decision: to enter the workforce or continue his or her education. Funding a post-secondary education requires further investigation and its costs are high.
Gifts
Every parent enjoys lavishing the child with affection and one way of doing this is through gifts. Consider all the birthday celebrations your child will receive and the Christmas presents given. If you’re an impulse shopper, you’ll no doubt buy presents for your child just because he or she talked you into it and you couldn’t resist a cute smile or wide eyes. Children love gifts!
Food
Providing food to a child is one of the most basic requirements for being a parent. The cost to feed a child is astounding.
Healthcare/Braces
Parents rejoice at the news of a healthy child. But even routine checkups to the pediatrician or family dentist in Nashville can become expensive. Does your child need eyeglasses or contacts? Does your child need braces or a permanent retainer? Quality health insurance plans are a bankruptcy prevention plan for parents everywhere. This is even more pertinent for parents of children with special needs or chronic conditions.
Freedom
While this isn’t a financial cost, all parents pay a price for having the joy of a child in their lives. Couples without children enjoy a certain amount of freedom that couples with kids give up so they can meet their children’s needs. For proud parents, this cost is worth paying so they can build into their children’s lives.
