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Planning for a FAMILY

Family planning takes a lot more work than deciding if and when to have a baby. You should consider how you will provide for a growing family, especially if you decide to reduce your income from two salaries to one.

Statistics vary from source to source, but experts estimate the cost of raising a child ranges anywhere from $500,000 to $2 million over 18 years. That figure will no doubt go up with inflation. Can you afford to save for your own retirement as well as your child or children´┐Żs education expenses? Can you afford the day-to-day expenses that come with raising a child, like diapers for the first two or three years, a new wardrobe every year for the next 18 years, and so on?