Once Upon A Child

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Recent Family News

Study finds many parents go into debt before baby arrives

A new study conducted for the British television series "How To … Prepare For Your Baby's Arrival" has revealed that preparing for a baby often puts a huge financial strain on parents.

The survey of 2,000 people revealed that first-time parents spend an average of $2,839 (1786 GBP) to prepare for their little one.

"In anticipation of their baby's arrival, first-time parents often feel under pressure to overspend in preparation for every eventuality: outfits for every occasion, expensive nursery equipment and gadgets they'll never use," TV series spokesman Alistair Clayton told the Daily Mail.

The study also found that two-thirds of financially-strapped parents are turning to credit cards and taking out loans to buy baby gear. In addition, the expenditures are crippling them financially after the baby arrives because of other costs such as childcare and loss of wages due to maternity leave.

Raising a child continues to expose many families to financial stress beyond those initial few months as well. A recent report released by the U.S. Department of Agriculture found that that the average cost of raising a child born in 2010 until the age of 18 averages just under $227,000. And that's not including college tuition.

Families can ensure their infants and children have everything they need without spending too much money by shopping at stores that specialize in selling used baby gear, furniture, clothing and toys.
 

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