A 2011 report by The department of Agriculture said that it cost the average middle income family $235,000 to raise a child to age 17, this is according to USAToday.com.  Although they are hardly considered a middle income family it is likely that even the duke and duchess of Cambridge have considered how The Royal Baby will affect their family finances.
The Royal Couple have planned for the arrival of the Royal Baby just like everyone else plans for their new addition.  The only difference is that they have a lot more money to do it with.  Will and Kate will buy diapers and food just like everyone else.  It’s the day to day expenses once the baby arrives that puts a dent in the family’s finances if they aren’t planned for.  While most people consider the cost of education and health care but they don’t always realize how quickly the everyday cost of diapers and formula will add up.
Even if private school isn’t part of the game plan and your newborn won’t have a title, there is financial planning, every parent can take when baby is on the way, including:
  • Estate Planning – update your documents and name a legal guardian
  • Retirement savings, life insurance – make sure the children are listed as contingent beneficiaries
  • Homeowner’s insurance – do you need to update your policy
  • Auto insurance – safer is usually cheaper
  • Paying for College – start saving as soon as possible
  • Life insurance – is it necessary
  • Possible divorce – even Will’s parents went through a split
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