It’s no secret that raising kids is a costly exercise. The early stages of having a baby requires you to fill up a nursery with a whole range of baby furniture. This, on its own, can make a significant dent in your bank balance.
When it’s time to go back to work, there are childcare costs that need consideration. The rising costs of childcare in some countries is enough to make many moms reconsider going back to work at all. Unscheduled doctor’s visits and an endless supply of diapers may leave you reeling in shock.
The list is endless. It is almost impossible to try to plan and make allowance for every single expense when it comes to raising kids.
Growing Families Need More Space
If you are lucky enough to be already living in a larger sized home, then you are off the hook with this one. But for the families that reside in smaller houses, there are two options. Unfortunately, both options come with a price tag.
Growing your family means you need more space. If you have the option to renovate and extend your current home, this may be the most cost-effective solution. Alternatively, you may have to look at purchasing a bigger house.
Increased Utility Bills
While this may not be something many even think of, more people in the house means higher utilities. More bodies bathing each day requires additional water. During the cold winter months, small babies and young children need extra heat to keep warm.
Increased Fuel Costs
The earlier stages may not require too much additional travelling, but one school starts the school runs require extra travelling time. After-school activities may also require mom’s taxi to transport kids to and from the venue. Then there is a friend’s parties every other weekend to attend.
Soaring Grocery Bills
Growing kids eat. They eat a lot. Hungry kids require that grocery cupboards and fridges are fully stocked at all times. The grocery store seems to be the place you spend the most time at, once you have kids.
Additional Home & Vehicle Insurance
Updating your home contents in your insurance policy is something of a last resort. This is vital to ensure that everything is covered.
Purchasing a bigger family-sized car comes with increased insurance premiums. For older kids, different laws apply to different states. Depending on which state you live in, you may need to notify your insurance company of an additional driver on your policy. This, in turn, may add a premium to your insurance payments.
Contact an insurance company and allow them to take the hassle out of sorting out your insurance. Places like Brokerlink will provide you with a free quotation check out https://www.brokerlink.ca/windsor-insurance/windsordougall for more information.
Additional Life Coverage
Once you bring children into the world, you need to make sure they are well taken care of. This applies both to the here and now, and later too. In the event of any unforeseen circumstances, life coverage needs to be in place and up-to-date. This will ensure that they are looked after financially, should something happen.
Cover All Your Bases
These are only a few of the things to consider when it comes to the additional costs of having children. A wise old man once said that if you wait to be financially ready for kids, you will wait forever.
While you can’t make provisions for every single rainy day, it helps to try to keep a little safety net for just in case.