 TITLE: How to Financially Prepare for Children CONTENT: How Much Money Should You Have Saved for Children?\n--------------------------------------------------\nNow that you know how to get a budget going, it's time to put everything together and figure out how much you'll need to be genuinely financially prepared. On average, raising a child costs almost $13,000 each year.\nYour exact expenditures will depend on choices like school, childcare and lifestyle. When you crunch the numbers for your budget, try to look ahead to such costs so you can feel confident about your long- and short-term financial plans.\nThink about the money you need for pregnancy, adoption or surrogacy, and then determine other important costs for after the baby arrives. You can start putting aside college savings for your child with tax-advantaged 529 plans or programs like Upromise, which boosts your spending with rewards for your child's college fund.\nIn the process, don't forget about contributing to your retirement savings regularly. Even if you have to reduce your contributions temporarily, setting as much aside as possible now means your child won't have to shoulder the cost of caring for you later.\nIf you need to take on debt to bring your child into your world, aim to take on the right kind of debt. Keep your credit in tip-top shape to help you qualify for the best loan rates if you end up needing to borrow money—or, if your credit isn't currently ideal, take steps to improve it now. For fertility treatments, LGBTQ couples and surrogacy, check out possible grants to help with the costs; there may be financial aid for adoption available to you, too. END