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Queens Chronicle

Are You Financially Prepared for Parenthood?

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Posted: Tuesday, October 15, 2013 1:00 am | Updated: 4:32 am, Wed Oct 16, 2013.

(StatePoint) The cost of raising a child is on the rise, according to the “2013 U.S. Cost of Raising a Child” report, conducted by BabyCenter.com, the number one pregnancy and parenting mobile and web destination worldwide.

The report finds that parents spend an average of $13,000 annually on their kids. And while about two-thirds of moms feel that parents are spending too much, the vast majority of them are very optimistic about their future -- the number of moms worried about having enough money to raise their children has declined approximately 10 percent in the last year.

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“Children are expensive, but couples aren’t letting that hold them back from starting a family,” says Carmen Wong Ulrich, a BabyCenter.com financial expert. “They’re exploring different ways of saving, such as moving back in with their parents or accepting money from in-laws. These can be good short-term solutions for couples getting started.”

To gain insight into their finances and take steps toward financial independence, parents can use a free budgeting tool, such as BabyCenter.com’s Cost Calculator.

More information about the “Cost of Raising a Child” report is available at www.BabyCenter.com/child-cost.

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