11/18/21, 3:09 PM
Financial Tips for New Parents | Sylvester Knox | Professional Overview
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Financial Tips for New Parents by Sylvester Knox | Nov 18, 2021 | Personal Finance, Retirement
It’s important to note that it’s costly to raise a child, and before one decides to become a parent, some things need to be addressed first and foremost. A child comes with a large number of expenses such as daycare, diaper costs, health insurance, and so forth. All these financial obligations are inevitable when having a child, and if you’re not prepared, you might end up straining your finances. One of the most life-changing events is becoming a parent. One changes from being responsible for their own lives to having to be responsible for both themselves and their child. Therefore, it requires deliberate preparation before embarking on this journey, not just weeks before the baby arrives but before you even contemplate having a child. Based on data and research conducted on the average household American, it’s estimated that child expenses from birth up to until they reach the age of 17 will spend approximately $233,500 on average. Therefore, potential parents need to be well prepared. Below are a few tips you can incorporate in your plan to ease the journey of becoming a parent.
Adding your child to your insurance coverage It’s important to notify your insurance provider when you have a child to add them to your insurance plan. It’s not enough to assume that your insurance cover will automatically cover https://sylvesterknox.net/financial-tips-for-new-parents/
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