Watch as Christy White highlights topics you should talk about to your financial advisor before having a child. If you are planning to start a family, or have already started, you may be wondering how you can afford such a life changing endeavor. According to the USDA, the average cost of raising a child today from birth to age 18 is over $304,000, inflation-adjusted. That means that parents are spending over $16,000 per year on average to care for their child, with housing and child-care as the two largest expenses. So what do first-time parents need to think about financially in terms of starting a family? Watch as Christy touches on the following questions:
1. What should young couples be thinking about before they start a family?
2. What about college expenses? Should parents start saving for college right away or is it okay to wait?
3. Shouldn’t parents have some savings for emergencies?
4. What else can we do to make sure our family is protected financially?
5. Is there anything else we should be thinking about?
This segment originally appeared on Channel 8's Let's Talk Live program.
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