Bohemia, NY (PRWEB) January 22, 2013
On January 22, Nassau County CPA group Diapoules & Feinstein CPAs P.C. responds to a recent article with some advice for saving after having a baby.
Having children is one of the greatest joys in life but is it extremely costly to raise a family. Between diapers, food, and – down the road – college, the cost to raise children is staggering. A recent article from KHOU Houston gave some useful advice to new parents as far as saving and cutting costs.
“The average child will cost parents $221,000 by the time they are seventeen,” the article states. This amount doesn’t include college, which could potentially more than double that cost. So how do parents deal with the ridiculously high cost of raising children?
First, the article suggests to “determine what you can spend on things like groceries, baby clothes and dining out and then put that cash in separate envelopes every month.” Budgeting your money is a great way to ensure that you are only spending on what is necessary, reports KHOU Houston. In addition, according to the article using cash instead of credit cards is a great way to limit unnecessary spending.
Next the article advises that if you have a two-income household, you should try to support the family by using just one income. Dedicate the other towards saving and spending on necessities.
Nassau Accountant Marvin Feinstein responds to the article by stating, “As every parent can tell you it is very expensive to raise children. Unfortunately, even most highly educated people are economically illiterate. Unless new parents have sufficient wealth, they will have to adjust their thinking and their lifestyle so they can live within their means. Somehow in the past families made do with a lot less. This article brings back memories of how my parents handled their budget. If it wasn’t in it you did not get it and if you wanted it you put aside the money for it. The idea of using envelopes to save the money to pay for each of their monthly expenses is right on.”
Diapoules & Feinstein CPAs P.C. have been providing accounting, auditing and tax services to Greater New York City area since 1989. D&F provides our clients with great personal attention and years of professional experience in order to see them succeed and help them to feel confident.