Millennials are planning to have children later when compared to previous generations. This is because they want to be more prepared than those who came before them. Knowing that this generation has been through more financial instability, job insecurity, and student debt makes sense.
If you’re a millennial who is thinking about starting a family, here are the four essentials you need before taking the plunge:
Your savings can get you through all the expenses of childbirth. The average cost of childbirth in the country is around $13,000 if you get a vaginal delivery without complications. A C-section will cost you an extra $5,000 on top of that.
You’re also going to need savings for your child’s future. College costs have been rising steadily for years, and the average cost of attendance at a public university is now over $20,000 per year. A private university will cost you almost double that.
You’ll want to start saving as soon as possible so you can give your child the best possible start in life. If you’re going to start saving, you have a few options. First, you want tax-free savings into an account like a Roth IRA. You can also start a 529 college savings plan.
The benefit of these savings vehicles is that the money can grow tax-free over time. This means more of your money will be available for college costs when the time comes.
A Place to Call Home
Owning a home has always been a part of the American dream. It’s a sign of stability and success. If you’re considering starting a family, you’ll want to have a place to call home first.
You don’t need to own a home to have a family, but it does offer some advantages. First, it gives you a place to raise your children in peace and privacy. You won’t have to worry about your landlord or noisy neighbors. Second, it’s an investment that will appreciate over time. Finally, this can give you some financial security in retirement.
Of course, buying a home is a big financial commitment. You’ll need to save for a down payment and be prepared for repairs and maintenance costs. But if you’re ready for the challenge, owning a home can be a great way to provide stability for your family. If you want to save on your mortgage, consider getting an FHA loan. You can get this kind of mortgage even if you have bad credit.
A Good Income
Having a good income is essential if you want to start a family. After all, children are expensive. The U.S. Department of Agriculture estimates that it costs $233,610 to raise a child from birth through age 17. That doesn’t even include the cost of college.
Of course, you don’t need to be wealthy to have a family. But you will need a steady income to support your growing family. If you’re unsure where your income will come from, consider getting a stable job with good benefits. You may also want to think about starting your own business. This can allow you to make your schedule and be there for your family when they need you.
You also have to be emotionally and physically ready for the labor process. This can be a difficult and trying time for many mothers. So you’ll want to be mentally and physically prepared for the challenges ahead.
You can start by learning as much as you can about the labor process. This will help you understand what to expect and how to cope with the pain. You may also want to consider taking a Lamaze or Bradley class. These classes can help you learn breathing and relaxation techniques that will make the labor process more manageable.
Being in good physical shape is also essential before you have a baby. This will help you recover from childbirth more quickly. You should start by eating a healthy diet and getting regular exercise. If you’re overweight, now is the time to lose those extra pounds as it can help you carry the baby.
It’s also an excellent time to start looking for a way to document the entire process. An experienced maternity photographer can help you with documenting these precious memories, which you can, later on, show your child. This is essential for them in the future as it will bring you closer to them as you grow older.
Starting a family is a big decision. There’s a lot to think about and prepare for. But if you’re ready for the challenge, it can be one of the most rewarding experiences of your life. Just be sure to have these four essentials before taking the plunge.