Allowance

Having a baby on the way requires a huge amount of planning. You have to plan all your doctor’s visits, design your child’s room, and figure out how long you’re going to stay out of work post-baby. You might even be planning your meals or researching your childcare options. However, there is one area that many parents forget to plan for – finances. While financial planning might be the last thing on your mind with a new baby on the way, it is extremely important. After all, according to Time, it takes approximately $245,340 in total to raise a baby from birth to adulthood. That is a huge amount of anyone’s income and requires a great deal of forethought to do effectively. Follow these financial tips to ensure that you and your child have the best financial future possible.