Every parent knows that having kids complicates your financial life. The most recent federal estimate puts the average cost of raising a child born in 2013 until age 18 at nearly a quarter of a million dollars — $245,340 to be exact. And that doesn’t even take into account saving for college.
Your actual cost will vary, of course, according to who you are and where you live. The bottom line, though, is that you’ll need a sound financial checklist when planning for a child. It should address your employer’s family leave policy, as well as anticipated child care costs, health insurance and, eventually, paying for college.
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