Having Kids In a Weak Economy

After the first excitement nearly everyone feels some anxiety when receiving the news that they become parents. I saw people fall into transition anxiety all the time: what's going to be like? What will happen to me? How are you going to raise that child? Are you going to be a good parent?

I still remember like it was yesterday how I freaked out when the nurse told me I am having twins. I got shocked in such a way that for the time period the nurse did my ultrasound I been talking aloud.

These emotions are totally normal and understandable. When you undertake new things like becoming a parent, rely on the stability on who you are to provide you comfort and confidence. The next thing will hit you is the financial issue of raising a child. How are you going to provide? How your child will fit into your financial picture?

Life today is so different than it was yesterday. Lack of job security, dwelling pension plans, and the uncertainty of what tomorrow holds has added stress to our long list of financial worries. Even dual-income families find it difficult to meet present needs, much less save for the future.

According to Vanier Institute of the Family, viewed April 21, 2005 "The average cost to raise a child to age 18 is about $163,000". Wow, thank God most of us don't know the figure and honestly I believe we shouldn't choose having kids or not by how much they will cost us. Children are the most expensive but rewarding additions to your life.

But once you receive the news that you'll become a parent you have to realize that from now on it's not just about you but you are responsible for that child.You as a parent are responsible to provide the financial and emotional need to raise that kid.

This is the time when you have to consciously plan for your child future. You have to have a financial plan game in place to get you, your family and your child in a financial position when you can face tomorrow with confidence.

Don't forget you are not alone in this. Millions of people are made it to be just the right parents for their kids. Focus your attention on your identity rather then your uncertain circumstance. Important steps to consider for financial security:

1. Have life insurance. Once you have kids you NEED to have life insurance to protect your child if tragedy happens.
2. Have a will. Did you know that in the event of your death, the government and courts will decide who gets your assets and who takes care of your children if you don't have a Will.
3. Eliminate your Debt. Stop using your credit cards and pay off you balance. You will be unable to save for your child's education if you have high interest credit card payments.
4. Save for your child's education. Have a strong financial game plan and put some money away every month. Even if it's just a little as $50.00 a month. Start with small and later when you can just add more to it. Ask your family and friends to help you with your plan. Instead of mountains of toys ask them for giving you the money instead and make sure you deposit that amount toward the child's found.

A child changes your life forever. But even in weak and challenging times there is a possibility to raise a child financially secured. You just have to set your priorities and make conscious decisions about your spending and what's important to you.

To find out more about how to plan for your child and family's financial security check out my website Financial Power

Piri D. is in her mid thirties, happily married and mother of three good amazing kids. She is a debt reduction champion with a passion for showing individuals how to budget, helping people make better financial choices while still working, and help those who are preparing for retirement to establish a plan that will provide the lifestyle they need to live with dignity. She takes an educational approach to help people understand about their financial plan and the financial products they have work for their best. To find out more http://www.thefinancialpower.com

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