Today, a coworker told me about an article in today's Washington Post about the cost of raising a child. "You might not want to read it, though," she said. I've seen stories like this before — where they break down diaper, clothing, food and college costs over a child's lifetime — and it's pretty daunting and scary. And I think with adoption especially, sometimes we get so focused on the costs of getting the child here that we forget about the big picture.
The article also mentions the importance of getting your financial house in order with wills and powers of attorney.
Tim and I know we need to have a will drawn up, we just haven't made the time to do it. We have, however, been stepping up our savings since he got his new job. I know it'll never be enough, but people raise children on salaries that are a lot smaller than ours, so I think we'll be fine. What kind of preparation have you done? — Sarah
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2 comments:
Ohhhhh WHy OH WHY did you have to bring that up? As much as you hate this topic of savings, it's sooo true. :-)
We haven't done a will yet either and we now have some decent life insurance with Rob's new raise but before that we didn't even have much of that. I don't think about what we spend but look forward to when we finish diapers, formula, etc. and as it gets here then I know how much each month we save. We have no savings and haven't prepared for college but neither of our families did and they made it just fine. I think there's more to worry about than just money. If my parents could raise two of us on $14,000 per year, we can certainly do it.
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