Children
Here is something that society won't tell you: Money should not be the reason to avoid a baby.
To some extent, I can agree with the author of this article. I could also find reasons to argue against it though. First, why I agree.
1. Hand-me-downs. Luckily for me, my sister had a girl and is expecting boys, so by the time I have kids, I'll have plenty of hand-me-downs to choose from!
2. Always save 10%, and put it away for unexpected hardships. Teach this to your child as well.
3. Know the difference between needs and wants...ask yourself, "What will happen if I don't have this?" If the answer is nothing, you probably don't need it.
4. In times of plenty, put it away for the lean times.
5. Saving money is great and debt is bad for your marriage. I'm not married yet, but I've heard this is true!
6. The benefits provided through your company should have allowances for children...figure out whose benefits are best and add the child to that plan.
7. Write a will. Name a single person as guardian for your children and have life insurance policies for yourselves.
Okay, those are all things I can agree with. But what if you don't know anyone to get hand-me-downs from? What if you're not on good terms with your family and won't have them around to help? If you can't afford to save 10% before kids...you definitely won't be able to save 10% after kids! Your benefits may cover a lot of the costs of actually having the child and healthcare for the child once she is born, but what if there are large co-pays for office visits that you cannot afford? I think that this article makes some good points, but it is not an all-inclusive guide to financial wisdom with children.
So take these points into consideration, but I definitely don't think it's wise to bring a child into an impoverished situation. It's not fair to the child, and certainly won't make things easier on your marriage or finances, if you are already struggling in those areas.
To some extent, I can agree with the author of this article. I could also find reasons to argue against it though. First, why I agree.
1. Hand-me-downs. Luckily for me, my sister had a girl and is expecting boys, so by the time I have kids, I'll have plenty of hand-me-downs to choose from!
2. Always save 10%, and put it away for unexpected hardships. Teach this to your child as well.
3. Know the difference between needs and wants...ask yourself, "What will happen if I don't have this?" If the answer is nothing, you probably don't need it.
4. In times of plenty, put it away for the lean times.
5. Saving money is great and debt is bad for your marriage. I'm not married yet, but I've heard this is true!
6. The benefits provided through your company should have allowances for children...figure out whose benefits are best and add the child to that plan.
7. Write a will. Name a single person as guardian for your children and have life insurance policies for yourselves.
Okay, those are all things I can agree with. But what if you don't know anyone to get hand-me-downs from? What if you're not on good terms with your family and won't have them around to help? If you can't afford to save 10% before kids...you definitely won't be able to save 10% after kids! Your benefits may cover a lot of the costs of actually having the child and healthcare for the child once she is born, but what if there are large co-pays for office visits that you cannot afford? I think that this article makes some good points, but it is not an all-inclusive guide to financial wisdom with children.
So take these points into consideration, but I definitely don't think it's wise to bring a child into an impoverished situation. It's not fair to the child, and certainly won't make things easier on your marriage or finances, if you are already struggling in those areas.
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