Get These Finances In Order Before Having Kids

November 4, 2019  |  
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Cute African American girl watching a movie as mom

Source: FatCamera / Getty

I had this odd/sad/frustrating experience the other day. I was out for a jog and, honestly, worrying about my finances. I’m unmarried and without children. I’m a renter. My biggest concern right now is just paying for my own basic expenses, and putting something aside each month for retirement, and for emergencies. I manage to do that fairly well, but even still, I’m not in that true financial sweet spot where you know that almost not emergency could shake you. At any given moment, a small disaster could financially wipe me out. As such, I feel light years away from being ready to have children. And as I was on this jog, thinking about this, I passed a bus stop where I saw a woman who had a baby in a stroller, a toddler on her lap, and a very pregnant belly. She had two kids, one on the way, and was waiting for the bus. I manage to lease a car, and I do not think I should have kids right now. This young mom has to ride the bus, and is making baby number three. It really got me thinking about how rare it is that we really educate young people on what it costs to have a family, and what to prepare for. For the sake of yourself and your precious future babies, get these finances in order before having kids.


Put aside 5K a year for retirement

Maybe at the moment you’re saving for retirement, and that is good. But will that go away if you have a kid? If you’re still in a place where you have to choose between either saving for retirement or funding a kid’s life, it’s not time to have kids. You should always be putting money aside for retirement.

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