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Parenthood is the dream of many Americans.
But many, especially younger adults, are concerned that they wont be able to financially cover the journey.
Its a valid concern.
This number climbs to $310,605 when calculated using an adjusted inflation rate for 2022 of 4%.
Here are the money moves he suggested you make if you really want children andneed to prepare your finances.
In other words, if youre on a tight budget, unsubscribing from Netflix probably wont be enough.
You may need to takemore drastic measures.
Also, he added, Consider whether you’re able to lower your cost of transportation as well.
Build a financial cushion to cover unexpected costs related to parenthood, Fortin advised.
You will have greater peace of mind and reduce your likelihood of going into debt.
Researchavailable government assistance programsfor families with children, such as tax credits or child care subsidies, suggested Fortin.
Remember not to overlook those closest to you when you need a hand.
Taking these five steps will help ensure youre able to financially support your growing family.
And if youre still looking for help getting your finances in order, try speaking with afinancial advisor.
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