Raising kids is expensive, and no matter how you look at it, a certain amount of financial planning needs to be done to make sure the kids are being taken care of, from monthly expenses to saving for children’s college education.
So what about the couples without kids? Are they set for an easier life of financial planning? Not necessarily, according to experts.
Financial planning habits of adults with children
People who have kids are more likely to be more diligent with their savings and put more money away each year with the prospect of having to cover the skyrocketing cost of college and the possibility that some unforeseen emergency could arise that would require some liquid financial resources.
Financial advisors encourage clients without children to do the same, saying that they can just as well use the extra income to pay off debt rather than pay for braces or piano lessons.
Jean-Luc Bourdon, a certified public accountant, says that without the pressures of providing for a family many people who don’t have kids have more freedom to make career moves or go back to school again. He describes another benefit as his personal favorite – the freedom to travel.
Couples without children may have more freedom to spend their money how they choose, but this isn’t reason enough to avoid taking charge of their financial futures by paying down debt and building an emergency savings fund. Hey – if the emergency never comes, the money is still there and so is the freedom to spend it however they like!