Financial Baby Steps For Raising Children
Bringing a child into your life changes everything, including your finances. The cost of adding another person to your household doesn't have to be stressful.
Financial Baby Steps
Account for maternity and paternity leave. You just don't know how much time you'll need once the baby comes! Mom (and dad!) might want to look into their parental leave options or rack up some extra vacation days/savings.
As your family grows, so will your costs. From diapers to clothes to childcare, costs will grow just as quickly as your little one will. In a 2010 USDA report, it was found that in the first year of a baby's life, an average middle-income family spent an extra $12,000, a number that will only increase.
Start saving today. The cost of a good education has never been higher. Start planning for this important investment as soon as you can with a savings account from Columbia Bank. The best way to take care of your child is to set them up for future success.