At the moment, John and I have no plans of having a child. It is still possible that I will change my mind in the future. Right now, that’s not the future I see. But if that time happens, before we start conceiving, there’s one important question we need to answer: Can we afford parenthood?
Photo from ReasonForLiberty.com
- It costs between $148,000 to $299,000 to raise a child through the first 17 years of the child’s life.
- Obviously kids will add to your expenses, so it is recommended that high interest credit cards are almost paid, if not paid in full.
- Will you be able to afford your currently monthly expenses plus expenses on food, clothing, diapers, healthcare / family health insurance, and other miscellaneous expenses for your baby? Don’t forget to allocate a few hundred dollars of wiggle room as well.
- Will you be able to afford being on maternity leave, paid or not?
- Will you be able to afford making your home kid-friendly? Is it big enough for an additional family member?
There are so many things to consider. But all parents I know will never trade parenthood with anything else. Their kids are the loves of their lives.
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