Staggering childcare costs force families to budget for baby

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November 13, 2013, 11:47 am
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(NECN) – Kids are adorable but expensive. To talk about budgeting for a baby, we were joined by financial planner Jeff Cutter.

He says childcare costs are staggering, so it’s not surprising some families can only afford one child.

Cutter recently returned from a California conference where they learned the average household income is dropping by about 10-percent, while the cost to raise children is rising significantly.

A study down by the U.S. Department of Agriculture shows the average cost to raise a child today is close to $300,000 and that does not even include the cost of a college education.
Cutter says parents need to start saving immediately.

You can visit his website to budget childcare costs.

He advises you to:
1.    Make a baby budget
2.    Decide on child care
3.    Build a cash cushion

Tags: financial planner, jeff cutter, childcare costs
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