Whether you’re expecting a child, planning to have one soon or have just become a new parent, you’re about to embark on one of the most rewarding journeys that life has to offer. It’s also one of the most expensive: an average of $12,500 per year until age 18.1. That’s $225,000 per child, and it doesn’t include the cost of post-secondary education. Planning for this is one way to be the best parent you can be.
Positioning your child, family and your future for success isn’t as daunting as you’d think, but now is the time to do it. Babies are an exhilarating whirlwind, and time moves quickly. Laying a solid financial foundation before or shortly after baby joins your family will empower you as a parent as your child grows. It will also give you the peace of mind to put your focus where it should be: on your family.