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Ask the Experts Frequently Asked Questions
Teen Parenting
How much money do I need to raise my child?
That depends on a lot of factors. Rent is typically the most expensive parts of a household budget. So, you need to figure out where you�ll live and how much that will cost. If you can stay with your parents or other relatives, either rent free or with a low rent, that�s probably your best bet, at least for awhile.
Other major expenses are food, clothes, healthcare, daycare, transportation and your future education, meaning college. Spend some time in the grocery store, checking out what things cost. Look into the cost of baby clothes. Who will watch your child while you�re in school or working? Do you have a relative who can help for free or at a low cost? Do you have a car? Or will you use public transportation? If you have a car, how much are your payments and insurance? After you�ve gathered this information, you can work out a budget.
If you can�t earn enough money to pay the bills, there are programs that can help. Welfare provides a check each month. Food stamps provide a credit card that allows you to buy groceries. Most states now help single mothers pay for child care, while they attend school or work. If you need to, you should look at using these programs, while you establish yourself. The long-term goal is to take care of yourself and your child. These programs can help get you there.
Also, both parents should be contributing to a child�s upbringing. Under the law, fathers must pay child support. Ask your baby�s father how much money he will contribute. If he refuses or you feel it�s not enough, contact your state child support enforcement agency. They can help you file for support.
Money can make or break any relationship. Living without enough money is very stressful. So you need to figure out how to finance your family�s future. It can make the difference between a happy or unhappy childhood for your baby.