Like many of life’s milestones, becoming a parent has a big impact on your financial situation. Recent findings suggest that it costs an average of $245,000 to raise a child to the age of 182 and that doesn’t include paying for college.
You’ll need a plan for childcare – will one of you be able to stay home to look after the baby or will you need to pay for childcare? Once your child is old enough for school, you’ll have new choices to make. Public school or private? Which extracurricular activities will they choose? The costs can really add up.
While these costs can be significant, it’s important not to lose sight of important longer-term financial responsibilities. By exploring your investment and savings options now, you take advantage of a very powerful ally – time. And by considering life insurance alternatives now, you’ll avoid a harmful trap – the cost of waiting.
You can find a Foresters Financial representative to give you an estimate of appropriate life insurance coverage, a realistic projection of education costs and make saving, insurance and investment recommendations for your family.