If you are mother or are considering motherhood, a Fee-Only financial planner can help you manage your money so you aren’t overwhelmed. When you put effort into financial planning, you are not only securing your financial future, you are setting a great example for your children.
Yahoo! recently reported on the results of research that estimated it will cost $227,000-$287,000 to raise a child born in 2010 and that doesn’t include costs related to pregnancy or college tuition. And CNN Money recently reported on mothers who say, “I can’t afford to work.” If you are one of these women, you definitely need to talk to a financial planner.
CNN interviewed a number of women including one who stopping working when her first child was born. Now, as a mother of two she has thinks that going back to work would be too expensive. Like other women in the article, she had a job but the cost of childcare was so high, she and her husband decided that it would make more sense for her to stay home instead of dealing with the stress of working and having one of their salaries go towards childcare.
Relying on one income is not impossible but families often need to make sacrifices to make that happen. Families that get help with financial planning early on can plan for the adjustments they will need to make years before they have children. Even if you do not talk to a financial planner until you decide that one of you will stay home, you can still benefit from sound advice.
Claire Emory, MBA, CFP, CFA is dedicated to helping people, and women especially, take care of themselves and the people they love. She learned the importance of financial planning and literacy at an early age thanks to financially creative parents who were masters of getting the most out of their money.