Budgeting for having children

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Budgeting for having children

To create a budget for the arrival of a new baby when it's your first time, something new to you, first thing is to sit down and look at your current spending and see where there may be areas where you can reallocate money to baby expenses. I also strongly recommend talking to friends that have children. Ask them, "What are the expenses I can expect with this new baby?" Having done those things, you want to write down all of the expenses you're going to incur with this new arrival before and after birth. There are going to be expenses prior to the birth of the child. And remember, your expenses are definitely going to go up after your child arrives. You also want to be very early looking at childcare. Childcare is a priority and they have long waiting lists for good childcare. You want to be able to know what's available to you, what the costs are so you can budget that in, as well as college fund expenses. College fund expenses should be looked at immediately when the child's born, if not before. A small savings of $25 - $50 a month from birth will accumulate into a substantial college fund by the time the child is 18.

See Christine Neilson's video on Budgeting for having children...


Expert Bio

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Christine Neilson

Financial Advisor

Christine Neilson is from London, England and moved to the United States in 1991. She has a BA with honors in Business Studies with an emphasis in  Finance from South Bank University in London. Prior to moving to the United States, Christine worked in the computer industry for seven years as an operator and programmer before becoming a Surveyor specializing in commercial real estate appraisal, acquisition and development.  Having recently obtained her California and Washington real estate licenses Christine is merging her extensive financial advisory and real estate experience to provide unique expertise to clients.

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