There are a lot of things that you have to take into consideration when you and your partner are deciding to start a family. Of course, you need to be sure that you're secure in your relationship, as well as the fact that you're emotionally mature enough to care for another human being. However, there's one thing that a lot of people tend to forget about, and that's the financial responsibility involved in raising a child. Like it or not, kids are expensive. The average cost of raising a child is up in the hundreds of thousands, so you really do have to be fully aware of whether or not you're in the right financial position to raise a child. In order to make sure that you and your partner are making the right choice, here are some things that you can do to make sure that you're financially ready to be parents.
Ditch your debts
The last thing you want is to be dealing with all of the potential stress that comes with having a baby alongside worrying about potentially large amounts of debt. Debt is a pretty common part of most people's lives, but it's a good idea to get your finances back into the black before the new addition to your family arrives. Check out consolidatingdebt.co for some fantastic debt management solutions. One of the best things that you can do is to consolidate your debts into a single monthly payment which is far easier to keep track off as well as potentially saving you a lot of money each month.
Figure out your income
If you want to figure out whether or not you can actually afford to be parents, the first thing you've got to do is figure out what your income is. Creating a household budget is one of the best ways that you can make sure that you know exactly how much money you have to spend each month once you've factored in all of your necessary outgoings. You might even want to do some research and figure out the average monthly cost of raising a child and factor that into your budget as well.
If you decide to go ahead and start a family, then one of the good things about that is that you have a nine-month head start on saving your money. Whether you're saving for a college fund or simply as a safety net for the various expenses that will accompany your little bundle of joy, setting up a savings account the moment that you decide to start a family can offer you the financial safety blanket that you really need.
Of course, there's an argument to be made that, no matter what, it's never really going to be "the right time" to start a family. In the end, the choice has to come down to what you and your partner want. But thinking about your finances before making any permanent decisions is incredibly important and can make your lives far easier and more pleasant in the long run.
This article was published first on www.funkyfrugalmommy.com.