The Financial Side of Balancing a Family and Career

Having children can be expensive, but that shouldn’t stop you from pursuing your dream of starting a family. Don’t think that raising a family “on a budget” is impossible. It has been done hundreds of millions of times before. Learning how to build a realistic budget is the key here, and like any other business or personal venture, it all depends on making more income than you spend.

Food will cost you about $300 a month per child, and clothing about $75 a month. You may have to upgrade to a larger apartment (which will amount to a couple of hundred dollars increase in rent) or you may already have a home with a child’s bedroom. Aside from these basic expenses you will also have to give thought to child care (if both parents work), family vacations and of course fun stuff for children who always demand attention and amusement. This certainly emphasizes the need to educate your children to read and use their imagination. Not only will this pay off later on in life, but will also save you money in the present! Limit mindless TV watching in your family, as much of TV programming (and especially commercials) is just training your child to become an impulsive buyer.

If you choose to hire a baby sitter or use a child care service then you will be spending anywhere from $300-$1,250 a month. Some families have used telecommuting jobs to their advantage, which reduce the time spent away from home, as well as extra-curricular school programs and an employer-provided flexible-spending account.

Saving money for college can be another trial, as the price of a college education ten years from now will be between $100,000 and $225,000 for one student. Start saving early by looking into college programs that help students while they are still in high school. You can also look into community colleges, which allow students to earn credits, which are usually transferable to a four-year college to earn a bachelor’s degree--a “half price” college education arrangement that will still provide many professional opportunities.

Having children will not be as expensive as you fear if you take the time to budget and plan now.