Prepare to Pay Off Paternity With a Fictitious “kid’s Budget”
Children can be expensive; The cost of childcare alone is quite high. If you are thinking about having children, prepare yourself for a financial hit with a “baby budget”.
In Business Insider, Matt Becker of Mom and Dad Money proposes living on a cut budget until the baby is born.
Becker suggests using the Child Cost Calculator to estimate costs and plan any income changes during work leave, and to start living on a new budget as soon as possible during pregnancy.
We recommend a similar approach when it comes to student loan payments. The idea is that you get used to living on a certain budget, and you can also set aside bogus spending in a savings account to get ready. For more details, check out the full publication at the link below.
2 Reasons Why You Should Live on a Child’s Budget Long Before Due Date | Business Insider