Northwell Health - Plainview & Syosset Hospitals

Issue 2 - 2017

Look North is a magazine published by the Northwell Health System. This publication features health and wellness information geared toward healthcare consumers in the Long Island and New York City region.

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Page 14 of 15

Plan for the fi nancial responsibilities of parenthood. The cost of raising your child can be daunting, especially for new parents. According to a report from the Department of Agriculture, it costs $233,610 to raise a child from birth to age 18. Keep your perspective — and your cool — by focusing on your household budget and long-term goals. These tips will help to make the most of your money when you pay for signifi cant or unexpected costs: Child care Child care costs are on the rise. While you and your spouse may have planned on maintaining two incomes, consider whether it may be more practical for one of you to stay home. Create budgets for both scenarios and weigh the pros and cons. Still not sure? Explore careers that allow telecommuting or fl exible hours. Ever-evolving wardrobe needs Babies and children constantly outgrow their clothes, so shopping for new ones can be a never-ending expense. Save some dollars by swapping with other families or checking out thrift stores for gently-used basics. College tuition A single year of college —including room, board, tuition and fees — costs an average of $16,188, according to the National Center for Education Statistics. Start saving early with a 529 education savings plan, which lets families put away cash in a tax-deductible account. Higher utility bills Power and water costs go up when you welcome a new child to the family. Air conditioners and heaters work harder to keep your home comfortable, and you do more laundry. Save money by washing clothes in large batches. Also, check water pipes for leaks and service heating and cooling equipment to improve effi ciency. Ask your electric or natural gas company if they offer fl at billing, which makes budgeting easier. Estimate a budget for free at The Economic Policy Institute tool calculates location- specifi c costs for 10 kinds of households. 4 tips to deal with the unexpected costs of raising kids For families 15

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