A question a lot of young married couples ask is “can we afford to have children?” Today we’ll get some advice from a financial expert.
Chuck Bentley, the CEO of Crown Financial offers several steps that couples should take in the process of determining their financial ability to raise children.
Step One: Make a functional budget. It would be a major challenge to prepare for anything new in your life if you don’t know the status of your finances.
Next: Learn to save money. Like all new adventures, there will be a price to pay so you should save money with great joy knowing you are preparing for a new life.
Step Three: Evaluate your two-income status. Once you have a child, someone will need to watch your baby. Perhaps you have family in the area who can watch your baby at no cost to you or perhaps you can work part-time to lower the cost of childcare and spend more time at home.
Step Four: Borrow, don’t buy. New parents can be overwhelmed by the huge amount of gear required for a baby. While it serves a purpose, most of the time all the stuff is only necessary short term.
The next Step: Get wise counsel. Adam and Eve had to raise their children without the benefit of grandparents … but the rest of us are surrounded by resources in parents, friends with children, and other new parents. There are also a number of wonderful ministries that can help.
And finally: Get involved in a Crown Bible study on personal finances. It will help you reduce fear, make a plan, and begin saving for your future children.