Five financial 'baby steps' for expecting and new parents

Staff Writer
Columbus Parent

From diapers to baby furniture and daycare, the expenses for new parents mount quickly. For some, the reality of these expenses is daunting. For others, they are completely unaware of how the joy of a new child will impact their financial situation.

So just how much does a baby cost? The answer depends on many factors. Does one parent stay at home or does the family hire a child care provider? Will the child attend public or private school? Is there a need for a larger home or car for the growing clan? According to the U.S. Department of Agriculture, raising a child costs an average of nearly $11,000 the first year and more than $220,000 for the first 18 years.

So where do expecting and new parents start? Thrivent Financial for Lutherans offers these five "baby steps" to help them prepare.

Supporting a family is hard work. Having the knowledge and tools you need to help ensure your financial stability will make the journey less complicated and even more rewarding. For more information, go to www.thrivent.com/planning/life/having_baby.html or call 1-800-847-4836.

About Thrivent Financial for Lutherans

Thrivent Financial for Lutherans is a not-for-profit, Fortune 500 financial services membership organization helping approximately 2.6 million members achieve financial security and give back to their communities. Thrivent Financial and its affiliates offer a broad range of financial products and services including life insurance, annuities, mutual funds, disability income insurance, bank products and more. As a not-for-profit organization, Thrivent Financial creates and supports national outreach programs and activities that help congregations, schools, charitable organizations and individuals in need. For more information, visit www.thrivent.com.