Growing your family is expensive.
It’s why a good many millennials are having fewer children or opting out of parenthood altogether. They simply can’t afford it. In the US, the birth rate is the lowest it’s been in 30 years. In Canada, too, one in five millennials are actively delaying parenthood.
Childcare costs are a primary concern. So, too, are all the other expenses that are related to having a family. According to one study, 57% of millennials felt they were “poorly” or “terribly prepared” to afford having children.
These money worries can wreak havoc on a family and the relationship between partners. To avoid such scenarios, couples will need to come together to talk openly and honestly about their money situation. They’ll also want to put together a financial plan that will keep them on course before and after baby arrives.
I talk about these and so much more with Lisa Zamparo, CPA, on the latest episode of The Crazy Good Life.
Lisa is the founder of financial advisory firm, The Wellth Company. In this video she shares her top tips to help today’s parents take a modern approach to their finances, so they can prepare for the expenses that will come when starting a family.
Lisa offers some incredible insights on how you can:
- Use date nights to start talking about financial goals and plans.
- Consider the money factor when planning your parental leave plans
- Reframe your thinking around budgeting so you can still enjoy life’s pleasures
- Save for your future