3 hidden costs of parenthood

Category: Family Budget

105662958

There are a lot of expected costs that come along with being a parent, from basic needs (such as food, clothing, and healthcare) to more substantial expenses as children get older, such as college tuition. But there are also a lot of unanticipated costs that a lot of parents discover, which have a tendency of accumulating. Some of the hidden costs of parenthood include: 

Impulse purchases

You’ll walk into a department store or even just the grocery store with intentions of buying just a couple things, but more often than not, you’ll end up walking out with a lot of impulse purchases for your child. Whether it’s a new toy that just came out, or treats at the grocery store that your child just had to have, these impulse purchases are a major hidden cost of parenting. They not only add up throughout the years, but even just one trip to the mall can throw a monthly budget completely off track. 

Repairs and replacements

When you have young children, it is almost inevitable that something around the home will need to be repaired or replaced at least once, if not multiple times. A lot of parents don’t anticipate the cost of replacing expensive furniture, or costly home repairs—everything from replacing stained carpets to costly plumbing issues resulting from flushed foreign objects.

Breastfeeding

Even though it’s a cheaper option than formula, breastfeeding isn’t completely free, and is frequently a hidden cost of parenting. There are other expenses to consider when it comes to breastfeeding, including nursing covers and pumps. Also, moms who are breastfeeding burn a lot more calories and will need additional nourishment. As a result, there are extra food costs that often come with breastfeeding and are usually overlooked.

Are you receiving long-term payments form an annuity or structured settlement, but you need cash now? Peachtree Financial Solutions may be able to help. As a payment stream recipient, you may have the option of selling some or all of your future payments and receiving that cash now in a lump sum payment. To learn more and for your free quote, contact Peachtree Financial Solutions today!

Nothing above is meant to provide financial or tax advice. You should meet with appropriate professionals for such services.

Tags: parenting, shopping

Leave a Reply

Your email address will not be published. Required fields are marked *