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Becoming a mother can be one of life’s most rewarding experiences, yet it also brings innumerable financial difficulties that could affect moms in several ways. Here, we will examine three events that might have an effect on mothers financially – the arrival of a child, relocation due to divorce proceedings and health issues.
Having a Child
Becoming a parent is one of the most momentous occasions for any woman, and yet its financial ramifications can be steep. Hospital bills, baby supplies like diapers and furniture, plus clothing are only the start: reports from the U.S. Department of Agriculture show that raising a child until they turn 18 will cost an average of $233,610 – without even taking into account college tuition! However it’s not just these immediate costs to consider; having children also has long-term implications on motherhood earnings potential as well. Many new moms take time off from work to care for their child, which can lead to a loss of income. Even after returning to work, many mothers may have to deal with the additional cost of childcare, which can be expensive.
Divorce
The emotional and financial toll of divorce may have a severe impact on mothers, particularly in terms of finances. A study conducted by the U.S. Government Accountability Office found that women suffer a 41% decrease in income post-divorce, compared to the 23% drop experienced by men after separation. On top of this economic stressor comes the extra costs involved with selling one’s home, purchasing another residency and relocation – expenses which can quickly add up for those going through such an ordeal. For example, a real estate agent will typically charge 6% of the sale price, which can be a significant expense, particularly if the home has appreciated in value.
Health Issues
In addition to the physical toll of health issues, mothers can experience a financial burden as well. Women disproportionately suffer from autoimmune diseases and reproductive health problems that can cost thousands in medical bills each year. Furthermore, these conditions may force women to take time off from work resulting in lost wages and an inability to provide for their families. Health issues have far-reaching consequences that affect not only our bodies but also our wallets.
Embracing motherhood is an incredible journey, however it can be accompanied by financial hardships. Be it due to a divorce, health problems or having a baby – all of these events may have serious economic consequences for moms who need to support themselves and their families. Although the road ahead might seem intimidating at first, with thoughtful preparation and helpful guidance mothers are fully capable of surpassing any struggles that come their way!
Check out this article on how moms can take care of their health during times of stress!
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