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Pros and Cons of Buying Life Insurance for Your Kids

Pros and Cons of Buying Life Insurance for Your Kids

The cost of raising a child doesn’t decrease, it only increases. Knowing it takes so much money to raise a child these days, it makes sense that people don’t want to spend extra money unnecessarily. In fact, frugal living has become something many parents are constantly working toward. Obviously, it’s a good goal to have. But, to achieve it, parents are cutting their budgets where ever they can in order to save the most money possible. This makes me wonder where life insurance fits into the picture. Should you buy life insurance for your kids? This is something my parents and I were discussing the other day as they took out insurance on my brother and I when we were little kits. Here are some of the pros and cons of buying life insurance for your kids. Pros: 1. It Can be Inexpensive You can purchase a term insurance policy for a child for only a few dollars per month. For instance, if you put a rider on your own life insurance policy it may only cost you around $5 to $10 each month. 2. You Will Have Funeral Expense Coverage Having life insurance is not a guarantee that all ...

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Should You Pay for Childcare if You Work from Home?

Should You Pay for Childcare if You Work from Home?

Many people who have outside jobs as well as kids dream of having their own business and working from home instead. In their imagination it would be a perfect, utopia where their children happily play, making very little noise in a clean, well-kept home. Meanwhile, they would work in an efficient, relaxed environment free from the corporate machine and difficult bosses who dictate their every move. In addition they would rake in amazing amounts of money and save even more by eliminating their childcare expenses. But the reality is somewhat different.  It’s not easy trying to be both a full time stay-at-home parent and a breadwinner for your family at the same time. You may wonder if you should pay for childcare even though you work from home. Family Dynamics Whether or not you can or should work from home and take care of your children simultaneously depends partly on your unique family dynamics. For example, how many children do you have and what are their ages? If you have only one child who is still very small, you might get along just fine working from home around your little one’s schedule of naps and meals. However, if you have ...

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Lessons for a First Time Mom: The Voice of Reason

Having a baby is one of the most joyous moments of anyone’s life because it’s an amazing life-changing experience. If you’re a first-time mother, you might be a little lost when it comes to shopping and planning for your new arrival. With so many baby products on the market, it can be hard to know exactly what you need. Since babies can cost a lot of money, it’s important to know what items you definitely need and what items you could really do without to save money. Don’t Hesitate To Buy Used One of the most common mistakes first-time parents make is that they buy everything new. When it comes to buying brand new items for your new bundle of joy, things can get pretty expensive. One thing you can do to save a decent amount of money is to buy used. You can buy adorable baby clothing and accessories on www.swap.com for a fraction of the cost of new clothes. Other items besides clothing that are okay to buy used include: Baby toys Shoes Playpens Changing table Rocking chair Strollers When buying used furniture, always make sure there are no loose or missing parts on them. It’s also important ...

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How to Survive an Unpaid Family Leave of Absence

How to survive unpaid leave

Will you survive an unpaid family leave of absence without accumulating debt and ruining your credit history? The United States does not provide paid leave. Health insurance plans have cost sharing components and do not cover every conceivable expense. You may have to cope with a deadly one-two punch: a sudden spike in outlays, combined with a loss of income. Increase your odds of emerging unscathed by researching relevant laws that sometimes provide monetary assistance and job protections, prepare your finances in advance, and make the appropriate adjustments when reality comes knocking at your door. This is a guest post by Kevin Haney. We hope your enjoy! Researching Family Leave of Absence Laws The first step in surviving an unpaid family leave of absence is researching whether any federal or state laws apply to your situation. Do not assume that the government will step in to lend a helping hand. This is a very dangerous because it is rarely true. A smattering of paid leave programs exists to help a minority. Unpaid job protections are available to a slightly wider segment. Paid Family Leave Laws There is no federal paid family leave law in the United States. Only three states ...

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How Much Does It Really Cost to Raise a Child?

costs of having kids

We’ve all read those reports about how it costs almost a quarter of a million dollars to raise a child to age 18. That makes each year of life around $13,611 for middle income families. I have no idea about the rest of the world, but thought it might be fun to share average expenses for our kiddo. She will be nine in a few months, making us half way to adulthood. Here is a breakdown of our costs to raise a child. Keep in mind that we only have one kid, are upper middle class earners, and live in a low cost of living area. Where you live can be a huge influence on how much you spend. Also, as an only child, our daughter probably has the benefit of many more splurges that would be possible with multiple children. Necessary Expenses Food This is a hard category to break down because I don’t track grocery spending into kid vs adult.  Most of the time, we all eat the same things. Having a child means buying a little more. The two notable exceptions are the gallon of organic milk I buy every ten days at $5-$6 a pop and ...

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