Right now family budgets are under extreme pressure. From the rising cost of rent and medical care to falling wages and living standards. For young people, the economic reality is not great.

As a result, many people are putting off family life. It’s not by choice: people still want to have their own families. It’s just that economic realities have set back their plans until well into the future.

Incomes right now aren’t where they should be. That might explain why we’ve seen the rise of lenders like the Personal Money Store who cover the shortfall.  

It might seem to like a richer future is well outside of our reach. But the trick is to start planning now and start taking action if we want a family of our own. Here’s how.


Consider Baby Proofing Costs

The costs of babyproofing are usually quite high. You have to buy in all sorts of specialist equipment for your child. And usually, it’s all useless (unless you have another child) after a couple of years. Big ticket items include car seats, a nursery, and cribs. But don’t forget that the smaller costs can add up.



Thankfully, there’s a big second-hand market for baby items on sites like eBay. You can avoid paying over the odds for big ticket items by watching out for bargains on the things you need in the run up to having your first child.

Budget For New Expenses

Parent’s don’t have kids because of their economic value. They have them to bring joy and purpose into their lives.

Babies can be very expensive. That’s why it’s worth looking closely at your budget and working out how much less money you’ll have by the end of the month including new costs. The cost of diapers, baby formula clothes, and laundry detergent, can all add up significantly.

Join A Warehouse Club



You’ll be amazed and just how quickly a new child can get through things like diapers. You’ll end up going to the regular store more often than you would like. And you’ll end up wishing that there was some other way you could buy items in bulk.

That’s where joining something like a warehouse club can come in handy. Sam’s, Costco and BJ’s all require you to fulfill certain membership requirements. But if you do, you’ll be able to access discount products in bulk. And that is a surefire way to make sure that your budget isn’t devastated by the costs of looking after a baby.

Just be careful though when you visit the warehouse club. Don’t be tempted to buy bulk items you won’t actually end up using. It might seem like a good deal on the shelf, but you have to be able to extract some value from it.

Review Health Insurance Costs

Your health insurance was no doubt sufficient for your personal use. But now you have a family, is it enough? Remember, babies are much more likely to need to use medical services than either young children or young adults. So you’d expect the prices to be higher.

Higher health insurance costs are, in turn, going to impinge on your family’s budget. Make sure that you review your policy and your options and find a solution that is a good compromise for everyone.

Prepare For Childcare

The government says that inflation is running at less that 2 percent right now. But it looks like the child care sector didn’t get the message. Childcare costs have risen substantially over the last decade. Now the average family can expect to pay upwards of $755 a month according to BabyCenter.



Don’t lose heart. You do have some options. You may be able to take advantage of company daycare or discounts through your work. You may also be able to get the costs down through nanny-sharing. Finally, if you or your partner has flexible working, you could split up the day so that there is always one of you able to take care of the child.

Check Parental Leave

Most companies offer some sort of paid parental leave. But often the pay isn’t as good as if you were actually at work. That means that you need to plan ahead and start saving now to cover the shortfall in your income.

Consider Entitlements

Many Americans don’t realize that when they start a family, they are entitled to relief from the State. Your local tax advisor will be able to give you more details, but programs include the Dependent Care Tax Credit, which reduces your tax burden.