On this week's episode of Money Diaries: The Podcast, my co-host, Paco De Leon, and I are talking about my number-one favorite thing: babies and money. And it seems so appropriate that I'm writing up this episode recap from my apartment, hidden away in my bedroom while my toddler refuses to nap, on a day when New York City schools are closed for a snow day despite the fact that we got very little snow. Juggling work and parenthood is hard (nothing new). Having babies is really, really expensive (also not new). And yet, we rarely discuss just how much it costs to raise kids (in NYC or really anywhere in the U.S.), which is why I'm always excited to talk about the topic.
This week's caller has a lot of privilege: She and her husband bring home close to $280,000 a year. And for the first time in their careers, they're enjoying having disposable income to spend on whatever they like (a lot of wine). Yet, as they've begun to discuss having kids, they are overwhelmed by the thought of how much it costs. (You can read her Money Diary here!)
So where do you even begin if you think you want to have kids one day? Should you start saving now? It can be hard to add that to a long-term financial plan that might also include buying a house and paying down debt while also balancing your immediate needs and wants. But Paco and I discuss some smart tweaks you can make if you want to ease the financial burden in the long run. And I get real about numbers. (I'll admit it's a little scary!)
You can also listen to the episode on iTunes, Spotify, or your favorite podcast app. And while you're at it, please subscribe, give us a rating, and leave us a comment if you like the episode! Also, I do an even deeper dive into the cost of kids in Refinery29 Money Diaries: Everything You've Ever Wanted To Know About Your Finances...And Everyone Else's. You can pick up a copy here!