Taking baby steps: Finding finance for your baby

 

Let’s face it, having a baby is expensive, which is why, many couples in these tough financial times are choosing to wait for better economic conditions before having a little bundle of joy.

In fact, recent data published by the Centre for Disease Control and Prevention (CDC) reveal that birth rates among young women in their twenties have fallen from 90 births per 1,000 women in 2010 to 85.3 births in 2011.

CDC statistician, Brady Hamilton, said that the tough economic climate is directly affecting the birth rate and the decision by many Americans to have a baby. “The economy has declined, and that certainly is a factor that goes into people’s decisions about having a child,” he said.

“Women may say to themselves, ‘It’s not a particularly good time right now… let’s wait a little bit,” he told Reuters Health.

Such a trend in declining birth rates also occurred during the Great Depression, with women having on average one less child each in the decade that followed. And while the birth rate again climbed in the 1950s and 60s, the 1970s Energy Crisis levelled out birth rates to approximately two children per woman.

Indeed, in another survey released by the American College of Obstetricians and Gynaecologists’ (ACOG), nearly 1 in 5 married women aged between 18 and 44 said the shaky economy has affected their plans to increase the size of their family.

Yet, despite the decline in births, would-be parents don’t have to hold back their decision to have a child if they do their sums and are mindful of their expenses.

So how much does having a baby cost?

Having a baby is a wonderful gift, yet from the minute you see the positive sign on the home pregnancy test you need to be considering the costs. One of the biggest factors to consider is insurance.
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