Trying to Be the "Perfect Parent" Is Putting Moms in Debt
We all want to be the best parent we can and raise our children to be the best versions of themselves. But according to a new BabyCenter 2015 Cost of Raising a Child report, nearly 46% of moms have gone into debt trying to be the "perfect parent." This isn't surprising considering the average yearly cost to raise them is $13,248 per child. After welcoming a child into the world, parents have to make numerous sacrifices and budget their finances to accommodate this yearly expense, but the survey found "many of them are spending beyond their means." About 60% of moms admitted they could spend less but felt the "social pressure" to spend money on extra activities they think will enrich their children's lives. More than half of them were concerned they wouldn't have enough money "to see their children to adulthood," while another 53% said creating the "perfect" childhood for their kids stressed them out.
Read more about the survey's results over at Money.
Start budgeting and planning for your child's future with our book selection below.
Do you feel a "social pressure" to give your children the best? What compromises have you made to accommodate your children? Let us know in the comments.