Listen Money Matters - Free Your Inner Financial Badass. All The Stuff You Should Know About Personal Finance.

Becoming a new parent is a wonderful life experience, but it also comes with a ton of work, sleepless nights and some financial stress.  Today the guys talk to Kim Palmer, mother of two and author of Smart Mom, Rich Mom about how to build wealth while raising a family and preparing financially for parenthood. New Expenses There are many new expenses that come along with a new family member. According to Kim, on average a new child will cost $11,000 in their first year which doesn’t even include childcare but well get to that. It just goes up after that costing you about $250,000 by the time they are 18 years old. Besides the basics like diapers and baby food which can cost upwards of $75 per week, you’ll want your new bundle of joy to have the best and most safe baby gear. Some of those big-ticket items like cribs and strollers and cost hundreds. You can buy gently used clothing, but car seats and crib are being recalled all the time so avoid buying those second hand. Most families have to make the decis