There are no two ways about it; having kids is expensive. The USDA estimates the cost of raising a child from birth through age 17 to be an astounding $233,610. This figure includes food, housing, transportation, healthcare, clothing, child care and education, and miscellaneous costs. And anyone with children knows that they remain an expense far past the age of 17.
Understanding that having children is a lifetime commitment both emotionally and financially is a great first step in the process of deciding when to start a family. But what comes next? How do you know that you are financially ready to handle the responsibility of starting a family?
There is no definitive answer to this question because there is no magic income or savings number that can dictate when you are ready for a family. However, there are some benchmarks and indicators that can assist you in making this life-altering decision. Here are seven signs that you are financially ready for kids. Read more.