7. Consider the Childcare cost
Caring for a child is not an easy task , from the time you became pregnant you have to visit the hospital to see your obstetrician till the day of delivery all cost money. Children are gifts from god and we have been commission to take care of them and if we don’t plan well, when we retire we may have nothing to fall back on.
When the child is born, looking after their needs also involves money, they need items like clothing, diapers, food, good health care and a good nursery. The top most problems is the cost of raising a child. Now a days women are mostly the bread winner or joint bread winner at home, while a large part of them are single mothers. This has greatly affected the cost of child caring and it is going to be a source of worry in the future. The bottom line is that it is very expensive to raise children.
As a parents we need to save for retirement and old age we need to consider some options that can reduce the cost of child care and this process enable us to prepare well for retirement. This article will briefly discuss the steps that can be taken to reduce the cost of raising a child.
We need to think of some creative ways to balance work and childcare so that we don’t always feel bad when we think of just working to pay for child care only: some of these options are listed below.
- Find a way of living close to family and friends who can help you with occasionally taking care of your child.
- Alternatively, employ the service of a live-in nanny it is also a cheaper option.
- Another point is that you may have to move to a state with lower cost of childcare, change their school from private schools to government owned schools to reduce cost.
- Also, you can consider applying for scholarship for your child to assist them through school and in the process you will have an opportunity to increase your savings for retirement.
- And, ultimately, ensure that you share childcare responsibilities between you and your partner as well. Because the two of you came together to bring the child to the world; the two of you should also be ready to share the cost of caring for the child as equally as possible.
Putting all these in point into action will aid you in preparing adequately for your retirement and old age and training the children well will also empower them to support you in the nearest future. Thus, you will reap a double benefit which is reaping the benefit of what you invest on your kids and the second is the amount you are able to save up for your retirement that will be available for your use..
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