As offensive as it may seem to refer to the greatest blessings of our lives as having “enormous financial consequences,” as one blogger put it, children do bring a huge dimension into the financial arena of our lives. While the exact cost can be difficult to calculate, the numbers are truly daunting — even for the most financially secure parents.
Initially, of course, the cost is relatively low. While it’s easy to get caught up in all the gadgets and baby couture, there are really only a few essentials your new child will need. But there are other, more significant purchases that every new parent should consider — purchases that will by far outlast the nursery décor and miniature clothes.
Let’s look at a few key financial and legal must-haves to check off your list before your little angel makes his or her grand debut. [Read more…]