Читать книгу Financial Adulting - Ashley Feinstein Gerstley - Страница 70

The costs to start a family can vary widely, depending both on circumstance and preference. Fertility treatments like IVF may or may not be covered by your company's insurance and, if not covered, can create out-of-pocket costs of, on average, $23,000 per round.²,³

Once pregnant, the largest costs in the first few years are the health bills associated with giving birth (more on this in Chapter 10), getting set up with the baby gear (nursery, stroller, car seat, etc.), and then childcare. Childcare costs depend on where you are located, what childcare choices are available, and whether you have family available to help.

Add up the total one-time costs and the total ongoing costs. Once you have an estimate for the upfront cost, divide it by the number of years (or months) you estimate until you will need the money. This gets you to your goal contribution amount. For the ongoing costs Lauren recommends creating a budget based on your new child expenses and current income (I'll show you how soon). The total cost of the first year of a child's life generally can range from $16,000 to $50,000. That doesn't mean you need to have that amount saved in cash, but to be prepared with a combination of savings and lifestyle adjustments.

With goals like this that seem more ambiguous it can sometimes feel silly to plan, but it's so much better to have something set aside than to wait until you have more information. You can and should adjust these goals as you learn more or things change, but don't wait to start!