You're Ready for a Family - But Are Your Finances?
At the end of the day, we do what we do for our family, and we want to do it right.
We all want the best for our children – a great education, a safe neighborhood, a life better than what we had. And nothing could be more fulfilling than growing your family in a way that aligns with your values and vision. But it’s difficult financially, with each step of the way requiring careful adjustments to your budget and investment strategy.
The Cost of Raising a Child
A Brookings Institute study found it will cost a middle-class family about $315,000 to raise a child born in 2015 up to the age of 17, and costs are only rising. Knowing how that money is spent can help us budget accordingly.
Where Does the Money Go?
Initial Medical Bills & Hospital Stays
Childcare Solutions & Early Education
Expanding Your Home As Your Family Grows
Health Care Coverage & Medical Expenses
School Supplies & Sports Equipment
Saving for Rising College Tuitions
Breaking Down the Costs:
- The average cost of childbirth in the United States in 2024 is $18,865 , a barrier for many young families.
- The average monthly cost of childcare is $1,284, an unaffordable bill for those just beginning their careers.
- As your family grows, your home will need to as well, but median home prices are nearing half a million dollars.
- In 2023, the average cost of insurance for a family of four was approximately $23,968 per year—an enormous chunk of a family’s household income.
- For the 2023-2024 academic year, public schools' out-of-state tuition averaged $29,150, not including housing and other costs.
Let's Refine Your Budget and Reach Your Goals
As we can see, raising a family in our modern economic environment is a challenging endeavor, at least financially-speaking. With costs skyrocketing across the board, a financial advisor can help you drastically cut costs and craft smart investment to help you reach your milestones.
Financial burdens are one of the greatest causes of stress, especially for those with a family to take care of. We don’t want you to stress or waste time trying to create a solution.
Click the button below to get your family on financial track.