Budgeting for a Baby: The Costs EVERY New Parent Should Expect

The cost of raising a child is constantly changing. Every year, a new article comes out claiming that the cost of raising a child is hundreds of thousands of dollars. But is this figure accurate? Could kids actually cost far less than this, or does a few hundred thousand barely even scratch the service? What should new parents know before they bring home their first bundle of joy, and is financial independence even worth pursuing while raising a kid, let alone a few?We brought in the Investor Mama, Jen Narciso, who is not only raising kids but also chasing financial independenceand running her own podcast. Jen speaks to mothers all around the world who not only want the best for their children's futures but their finances as well. And, as someone raising two young children, she knows how much kids truly costbetween the car seats, formula, dance classes, doctors' bills, and everything in between.And, with Scott as a new dad, he’s got some serious questions to ask about how he can best raise his own daughter on a budget without sacrificing any quality of life in the process. Jen talks through the surprise expenses that most new parents overlook, how to save money on some of the most expensive items you need, the cost of child care and how to make it affordable, and whether to invest for your child’s future or your future retirement!
In This Episode We CoverThe average annual cost of raising a child and why it’s not what you’d expectCommon child care costs and innovative ways to significantly lower your spendingSurprise expenses you should prepare for and why you always need an emergency fundMoney tips for new parents and how to sleep soundly even if you’re not financially free yetRoth IRA investing for your child and how to fast-track them to financial freedom even earlierMedical costs of having a child from delivery to regular doctors visitsAnd So Much More!Links from the ShowFind an Investor-Friendly Real Estate AgentBiggerPockets Money Facebook GroupBiggerPockets ForumsFinance Review Guest OnboardingMindy's TwitterScott's InstagramListen to All Your Favorite BiggerPockets Podcasts in One PlaceApply to Be a Guest on The Money ShowPodcast Talent Search!Subscribe to The “On The Market” YouTube ChannelListen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPocketsCheck Out Mindy’s 2022 Live Spending Tracker and BudgetToysrusInvestorMama Podcast4 Ways Real Estate Can Help Offset the Staggering Cost of Having KidsTaxes, Backdoor Roths, Options, and How to Max Out Your Childrens’ Roths
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