Bringing home a bundle of joy from the hospital is the start of a new adventure. You’re responsible for a new life and are now party to the ups and downs, the laughter and stress, of raising a child.
If you plan on having kids, you may already be considering how the new addition to your family will factor in financially. From the cost of health and prenatal care, to childbirth, to actually raising your child—things can get expensive. There’s a crib, maybe a new nursery, diapers, formula, clothes, and that’s just the beginning.
Young people are facing unprecedented levels of student loan debt and increasing costs for health care and housing. At the same time, millennial salaries are lower than those of previous generations, partly because many entered the job market after the 2008 recession.
While millennials are having kids later than older generations, a majority still rate being a parent as their most important life goal.Read more