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Having a child is a major event in your family and for your finances. As you prepare for being a parent, be sure to consider the financial impact that a child will have. The additional costs of buying diapers and baby food may not seem too significant, but just wait. In 2017, the US Department of Agriculture estimated that the cost of raising a child from birth to age 18 was over $284,000 (after inflation), and that did not include the costs of college. Luckily, the costs in early years are lower, giving you time to build the costs into your financial plans.
Issues to consider