This is a collaborative post.
There is an old saying some readers might remember that goes something like “if you can’t feed them, don’t breed them.” With that in mind, it’s essential that couples consider the financial implications before bringing a child into the world. If everyone did that, fewer children would live on the poverty line, and there would be fewer kids in the care system. So, all would-be parents need to ask themselves if they could afford to pay for a child before taking that leap. These tips might help.
Stop wasting money!
As the infographic below explains, many adults lose a fortune on purchases every single year. That is something that needs to change if couples want to bring a child into the world. There is some fantastic advice on that graphic, and so it’s sensible to check it out before leaving this page.
Open a savings account
Savings accounts are vital for all parents to be because they have high-interest rates compared to standard deals. That means anyone who stores enough cash will see a healthy return without having to do anything. Just be sure to use comparison websites to find the best providers.
Get rid of one car
Lots of couples have a car each these days. While that might be convenient, it’s not sensible financially. Those who want to have a baby should consider getting rid of one of their vehicles. That will mean they don’t have to stress about fuel or insurance costs, and they can spend that extra cash on the child.
To answer the question posed in the title of this post, yes you can afford to pay for a child. However, anyone who wants to do that will need to think long and hard about the way in which they manage their finances.
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