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Money Q&A: Can we afford a baby?

Q.

The Nest Q&A

How do we know if we can afford a baby at this point?

A.

Studies estimate that the cost to raise a child who’s born today until he’s 18 is around $200,000. We'd never tell anyone to plan the number of children they want based purely on finances, but it’s something to know and consider. Kids are expensive, and planning for the costs of your bundle of joy can help reduce stress. Once you do have kids, make sure that you have life insurance.

Get Financially Naked, money Q&A Nestperts: Manisha Thakor, MBA, CFA & Sharon Kedar, MBA, CFA, authors of Get Financially Naked: How to Talk Money With Your Honey

-- Manisha Thakor, MBA, CFA & Sharon Kedar, MBA, CFA

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