This is a family article by Ellie Jo.
Being able to take care of your family, at all times, takes time and money, and too often people only have enough of one or the other. That makes having a family one of the most expensive things you can do, but seeing as it gave you the wonderful children and partner you have now, it was worth it!
But sometimes, unexpected emergencies and problems will crop up, and that can make raising a family a very expensive thing to do. When times like these strike, you can feel like you’re drowning, and it’s hard to see a way out. Because of this, it’s a good idea to examine the cost of family problems in greater detail.
The Cost of Raising a Child
Raising a child costs a lot of money, there’s no doubt about that! In 2015, it was found that on average in the US, it costs about $233, 610 to pay for one child alone, right through to they’re 18 years old, so what if you have two or three to pay for? If any of them run into trouble at any point, could you afford to help them out with these prices?
Your Savings Account Needs to Be Larger Than Most
As a family, you’re going to need a large, general savings pool to take from. After all, you’ve got more than just one or two people to care for, and kids can get themselves into all kinds of trouble. Even as the two parents, if you need to use a service like spodek law group, you’re going to need a lot of financing behind you.
For a savings account, it’s typical to have 3 to 6 months of expenses saved up in there. But when you’re paying for multiple people, this is going to be a lot more money than other people see. So, as a family spending upwards of $2000 per month, you’re going to need at least $6000 in the pot, which is a lot more than single or dual person households will need.
The Potential Loss of Dual Income
As a two parent household, and with the both of you having jobs, you have a dual income to depend on. But what happens if one or both of you get a pay cut, or outright lose their job altogether? How are you going to manage with only one stable income?
Of course, one of the best things to do is try to supplement that income straight away; a side hustle, a part time job, a passive income source, etc., but what if that’s not something on the cards right now? You’re going to need to change the budget immediately, cut back in areas so you can still pay bills (especially big ones like a mortgage), and don’t be afraid to reach out for help.
Family issues and problems can be very expensive, thanks to just how high the cost of having a child is in the modern era.