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Parent Trap

A new survey reveals that the majority of parents were not as financially prepared to raise a child as they had thought. According to the VISA survey, 76% of expectant parents thought that they were financially prepared without realizing what that entailed. Expectant parents should consider that more than 50% of new parents overspent on baby items and claimed that tension in their relationships created more stress for both parents. Perhaps the most shocking statistic for expectant parents is the amount of money needed for the actual delivery; 25% of new parents paid over $2000 on out-of-pocket costs. According to the U.S. Department of Agriculture, an average American family will spend $184,000 raising a child. To help budget having and raising a child, new and expectant parents can check out the “Budgeting for Baby” online calculator at “www.practicalmoneyskills.com”:www.practicalmoneyskills.com. This new feature, which has been approved by the National Education Association, will allow parents to estimate and budget both monthly and one-time costs for their child.

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