Staggering Childcare Costs Force Families to Budget for Baby

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    NEWSLETTERS

    Financial planner Jeff Cutter says parents need to start saving immediately and he suggests they create a baby budget

    (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