The bottom line, consider the costs, but experts say don't let that scare you off.
Money Magazine did an article about how to tell if you can afford to have a baby and here's the reality. According to the Department of Agriculture, the average cost for a middle income couple to raise a child for 18 years time is about a quarter of a million dollars. That doesn't include the cost of a college education.
Here are some steps you can take, according to financial advisers:
- Determine any changes to your career. Will you stay home, take unpaid leave?
- Track your income and figure out where you are spending.
- See where there's room to make changes, like getting rid of cable TV, finding cheaper rent, etc.
- Add up baby costs -- like hospital, car seat, food, diapers, maternity clothes, just to name a few.
- Add up the costs of life and disability insurance for your child.
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