Financial planning isn't just for people who are getting ready to retire; this kind of assistance can be beneficial through various stages of life. In May, we looked at how mothers make financial sacrifices for their children and we know that fathers do the same.
In a personal essay on Yahoo! Finance, one father discussed “Financial Lessons of Fatherhood, ” mentioning that while he did prepare in some ways, he really could not have know what fatherhood would be like until he actually had child to care for.
The costs of having a baby
Before you get to the costs of raising a child, you have to handle the costs of having a baby. The writer found that the medical costs involved with delivery were not insignificant, “however, after that initial influx of buying when it comes to things like baby supplies, furniture, clothing, and similar items, a baby wasn’t as expensive as I initially expected.” This was due in part to the fact that he and his wife had a healthy baby and because they were able to get many baby supplies as gifts and hand-me-downs.
The costs of having someone care for your baby
In a reversal of what we are accustomed to seeing (mothers leaving their careers to raise children), the essay writer decided to stay home with the baby while his wife returned to work after her maternity leave. He estimates that they saved $52,000-$65,000 in childcare costs because he cared for his son at home right up until the boy was old enough to attend school.
The writer also recognized that he and his wife did not have to buy their son all the latest toys or spend a lot on pricey activities—their son liked playing with empty tissue boxes and thought story hour at the library was great.
If you are thinking about starting a family or if you are in the midst of raising your children, a Fee-Only financial planner can help you manage your money so that you can ensure that you have enough for your children’s future and your retirement.