Personal finance expert Suze Orman had some expert advice to share when it comes to deciding whether or not you can afford having a child.
According to Suze, the most important factor to take into consideration is not how much you make, but how much money you and your partner actually take home each month after taxes. “Don’t be fooled!” she warns.
“If you stop working, and your partner is making $55K, they're actually only taking home $2,500 per month,” she explained. “Do that math!”
“If you can't afford a child, it's better not to have one. Let's be realistic,” Suze told us. Suze believes it’s wiser to hold off if you are concerned about finances, especially if a child develops an illness or requires other unanticipated costs down the road.
Get one on one financial advice from Suze here.
For more advice on managing your money, see Suze's personal finance tips:
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