(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