There are two money moves every parent should make before having kids

January 17, 2017
in Kids

More (Ready for kids? Start saving. The Office / NBC) Between preparing the nursery, reading all the right books, and stocking up on bottles and onesies, the checklist of what parents need to do to prepare for a new baby is long. But it's crucial not to forget getting their finances in order as well. Business Insider recently asked parents to weigh in on the financial side of having kids. When asked what they'd tell new parents to do with their money before having their first child, respondents overwhelmingly said two things: travel and save more. It's no surprise that bulking up savings topped the list: The average American family pays over $11,000 just in the first year of a child's life, and nearly $250,000 by the time they're 18. And even though parents are saving more than ever for college, they're still coming up short. According to Fidelity's 10-Year College Progress Report, nearly half of all parents admit feeling off-course to reach their target amount before their child packs up for freshman year. Parents with kids in 10th grade or higher also admitted they wish they had saved more early on to give their investment time to grow. Several respondents also encouraged traveling and soaking...

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