The truth is that raising children is an extremely costly thing. The USDA has determined that bringing up one kid from their birth till they turn seventeen will put you back by about $233,610. And we all know that no one stops spending on their kids as soon as they turn seventeen.
Raising a child also requires intense emotional investment and being aware of the emotional and financial requirements brings us to the question: when is the best time to have kids?
There are no accurate responses but we can judge what would approximately be the right time to start having children.
1. You have planned out your future finances
You should know where you are going to be financially in the upcoming years. While there will be things you cannot account for, planning is very important. You need to plan for when you retire so that you can invest and save money accordingly. The blueprint that you chalk out should also account for a child’s expenses like education, extracurricular activities and all that you wish to provide for them. Keep in mind that you will be providing for them for quite some time. You need to create a really good financial plan and calculate your expenses.
2. You don’t cross the line that you’ve drawn
While the plan shows you your goal, budgeting is what will actually get you there. If this is difficult for you, you should probably wait a while to have children. They come with a number of complications that can destroy even the best laid plans, so if you can’t stick to your limit, you will find yourself owing a lot of money.
3. You subscribe to a good health care plan
A practical health care plan is essential for everyone, and even more so for those with children. They have the added responsibility of the well being of a small person who depends on them completely. Health care might be pricey but in the long run, it is cheaper than not being prepared. Make sure that all possibilities are covered in the plan you’ve subscribed to.
4. You actively save money
If you wish to ensure that your life is stable, you need to save money regularly. A financial back up that will cover the amount you spend in at least half a year is absolutely essential. This will keep your family afloat even if there is an unexpected crisis.
5. You don’t owe much, or nothing, to anyone
When you owe next to nothing to others and you plan to stay that way, you are an ideal candidate to have kids. They are costly and can throw your finances out of balance at any time. Try to pay off whatever you owe before you have kids so that you will have enough finances to ensure that your family is happy and taken care of.
6. You are not averse to sacrifices
You can’t have kids if you aren’t ready to cut corners for yourself. In this case, you can’t have your cake and eat it too. You need to know how to tighten your belt and make money last in times of financial stress and crisis. Think about how to do this even before you plan for kids. Change the way you shop, cook your own meals, don’t over spend your money and look for ways to help your kids without hiring anyone from outside.
7. You are ready to invest in your loved ones
This is the final indicator that this is the right time for you to be having children. When you think that you are investing in your children in order to get the best possible results, you will ensure that you think about every financial step you take. Invest enough for them to not lose at life. It will be the best choice you’ve ever made.
Top 3 Books about Family You Must Read:
- 1-2-3 Magic: 3-Step Discipline for Calm, Effective, and Happy Parenting
- Spilled Milk: Based On A True Story
- Girl, Wash Your Face: Stop Believing the Lies About Who You Are so You Can Become Who You Were Meant to Be Hardcover