Raising Kids in Today’s Economy: A Guide to Staying Financially Grounded
Raising kids is one of life’s greatest rewards – and one of the most expensive. Right now, it costs an average of $21,681 per year to raise a child in the U.S. That adds up to over $237,000 by the time they turn 18 – and that’s before college.
At Sierra Pacific Federal Credit Union, we’re not here to overwhelm you. We’re here to help you plan ahead and stay in control.
Childcare, Housing, and Budgeting Realities
For most families, housing and childcare are the biggest monthly expenses – often exceeding $1,000 each. These aren’t luxuries. They’re essentials. No wonder so many parents feel financially stretched.
Adjust Your Budget as They Grow
As your kids grow, your spending shifts – quickly.
What starts with diapers and daycare soon becomes school supplies, sports fees, tech devices, and more. That’s why it’s smart to review your family budget monthly and adjust as needed. Your budget should grow with your kids.
Start Early. Plan Smarter.
The earlier you start, the more options you’ll have down the road. Consider these steps:
- Open a 529 College Savings Plan
- Explore a Coverdell Education Savings Account (ESA)
- Look into new 529-to-Roth IRA rollover options (great for unused education funds)
Even small, regular contributions can build a solid financial base for your child’s future.
Skip the Hype. Choose What Matters.
You don’t need the flashiest stroller or the latest parenting gadgets. Focus on your child’s needs – not marketing trends or Instagram standards. Smart, intentional choices are good for your wallet – and your peace of mind.
You Focus on the Moments. We’ll Help With the Money.
Raising kids is full of unforgettable moments. When you’re financially prepared, you can be more present for them all.
- Personalized financial advice
- Family-friendly savings tools
- Local service with your future in mind
Let’s build a financial plan that grows with your family – one smart step at a time.
SHARE