Having a baby is supposed to be a joyous time, but it can also be emotionally and financially stressful. The average American family spends about $12,000 on child-related expenses in their baby’s first year alone. And raising a child to age 17 is estimated to cost a whopping $233,000!
To help you get a handle on what to do and not to do, I interviewed Andrea Woroch. She’s a mom and a nationally-recognized consumer and money-saving expert. Andrea regularly contributes to leading national and regional news stories and has been featured on "NBC's Today Show," "Dr. OZ," "Good Morning FOX & Friends," "MSNBC," "CNN," "ABC News with Diane Sawyer," and many print and online outlets.
Some of the topics we cover include:
- How to cut the cost of childcare
- Ways to earn more and stop living paycheck to paycheck
- Tips to raise cash by selling unused household items
- Best places to buy baby goods for less
- Getting maternity benefits and disability insurance
[Listen to the interview using the audio player on this page or on Apple Podcasts, SoundCloud, Stitcher, and Spotify]
The following tips were provided by Andrea.
5 Money Mistakes New Parents Make
- Not saving enough.
- Under-estimating the cost of childcare.
- Ignoring life insurance needs.
- Spending too much on baby goods.
- Putting off college savings.
Here are five common money mistakes that new parents make and how to avoid them.
1. Not saving enough.
A recent survey from PurePoint Financial found that half of Americans do not have a savings target set within the next five years. If you’re expecting a baby, it’s especially important to...
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