Saving money in preparation for children

When it comes to having the proper personal finances for having a child, there are some things parents can do to plan ahead.

In a recent column for the Los Angeles Times, financial expert Liz Pulliam Weston noted that people who want to have children should keep in mind that there are a number of costs involved. For example, first-time parents are going to need to buy a few supplies, like strollers and a crib.

“If you’re smart, however, you’ll try to spend a lot less, buying or borrowing used furniture and selecting well-reviewed, midrange brands of strollers and car seats rather than status brands,” Pulliam Weston wrote.

People who are considering children should start cutting back on expenses ahead of time. Furthermore, potential parents may consider trying to live on one income now if they plan on having one person stay home with a child.

According to the most recent data from the U.S. Department of Agriculture, a middle-income family can expect to spend $221,190 over 17 years for raising a child born in 2008.

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