Can You Afford to Have Children
Making the decision to have children is a major step in a couple’s life. Having a child will change every aspect of your life, especially when it comes to finances. Having a child is a very expensive endeavor. There are many things to think about in regards to finances. Evaluate the necessary expenses below.
Do you have insurance? Medical insurance is especially important for the pregnancy and subsequent birth. Typical pregnancies require between 12-15 visits depending on the doctor’s wishes and the development of your pregnancy. If you have a high-risk pregnancy, you will see a doctor more often, which leads to more expenses.
Without medical insurance the monthly (and later, weekly) visits will add up to a lot of out-of-pocket expenses. Medical insurance is also highly recommended for the actual birth of your child. Not only do you have to cover your hospital expenses, but the baby’s as well. Having good medical coverage will ensure that most of your costs are covered.
After the baby is born, there will be several doctor visits to ensure that the baby is developing well and on schedule. Most medical insurance companies will fully cover the well visits of children. If the visits are not covered 100% there will be small out-of-pocket co-pay. Without insurance, the visits are not covered and you are responsible for all of the procedures and vaccinations given to your child.
In addition to medical bills, children will need formula (if they are not breastfed) and diapers. These two items alone are expensive, with formula being the most. Once your baby turns into a toddler, they will begin eating table food. This means buying more than just enough for two people. This will add to the grocery bill, even more so if you buy jarred baby food.
Another added expense is clothing. Babies grow at an enormously fast rate and will require clothing as they grow. Clothing can be bought in second-hand stores to minimize the cost, but it is not unusual for children to go through three or four different sizes within the first year – sometimes more. The growing does not stop after the first year either, and clothes will get more expensive as the children get older.
Making the decision to have a child is not one to take lightly. Many people are not aware of the added expense that it will take to raise a child. In addition to food, it is also necessary to buy diapers and clothing. Clothing alone can be expensive as children will typically go through many sizes within the first year. If possible, talk to friends or family members who have small children to gain insight into the expenses that may lie ahead for you.
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