Financial Planning

Financial planning advisor

For responsible parents, they probably cannot help but chuckle and shake their heads when they find themselves looking back on their childless years. During those days, family budgets and online saving money calculators could not be further from their minds. After paying the rent and car payment they were free to squander whatever money was left however they liked. Without the responsibilities of child related expenses, feeding a family, and mortgage payments, making 8.50 an hour hanging mens clothes could almost make you feel wealthy.

Fast forwarding to the present, parents often feel like there is never enough money regardless of how hard they work or how much they make. The financial demands are constant. There is the mortgage, utilities, insurance, food, fuel, childcare, student loans, and the list goes on and on. It makes you wonder how families are able to get by without making a family budget.

One thing that people without children, and even some new parents, do not think about is the expense of childcare. The cost of childcare can range from about 3000 to 15,000 dollars per year for a single child! While childcare for most families will fall somewhere in between, according to the Department of Health and Human Services, raising one child in a two parent home costs about 4200 per year, per child. This means raising two children will cost a minimum of 8400 dollars per year, and over 12,000 per year for three kids. For most family budgets, even 4200 dollars can be a considerable expense.

The high costs of raising a child have made it necessary for many families to find smart ways to save money. Probably the smartest way to save money fast is through family budget planning. Additionally, tools like the aforementioned online saving money calculators, family budget software, and even family budget courses can assist families in setting realistic goals, and provide the encouragement needed to achieve them.

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