Starting a Family in 2024? Here are 8 Things You Should Know

Are you planning to start a family in 2024? Congratulations! When you start a family, your lifestyle will change. You’ll have different responsibilities, priorities, and expenses. As such, it makes sense to prepare carefully before starting a family.

To guide you, here are eight things you should know. 

1. Consider Your Relationship Stability

You and your spouse need to be on the same page on how you will face your future together. This can give your marriage a strong foundation. 

Here’s how you can ensure you have a stable relationship.

• Communication: For a successful marriage, have open and honest conversations. You should talk about both the good and the ugly. In addition, listen to each other’s perspectives without judgment.

• Trust: It can be challenging to build a solid and lasting bond without trust. So, be honest, faithful, and supportive throughout.

• Commitment: If you’re committed, it means you're ready to do what it takes to make the relationship a success

• Mutual respect and support:  Offer practical help, and encourage each other to pursue your goals and dreams.

Read Also: 7 Financial Warnings to Watch Out for When In a Relationship.

2. Know the Cost of Raising a Child

If you know the potential cost of raising a child, you can plan for your future.  For instance, you’ll learn how much to save each month to cater for their education, emergencies, and other investments.

So, how much does it cost to raise a child in Kenya? The cost can vary depending on the following:

• Where you live.
• Your income.
• The age of the child.  

Assuming you’ll spend Ksh 300 on them daily, that will be  Ksh 9,000 monthly. Each year, you’ll spend Ksh 108,000. So for 18 years, you’ll need almost Ksh 2,00000.

The best way to determine the cost of raising a child when starting is to talk to other parents and get their advice and perspectives.  These can be your colleagues, friends, or marriage counselors. 

Besides the financial cost of getting children, consider the time and energy parenting requires. Both of you need to be ready to take on this challenge before starting a family.

Read Also: How to Budget for All the Newborn Child Expenses.

3. Consider Where You’ll Live

This decision can significantly impact your relationship, finances, and lifestyle.

Here are  factors to consider when choosing where to live:

• The cost of living
• Proximity to family and friends
• Access to good schools and healthcare
• Job opportunities

For example, if you and your partner have established careers, choose a location that offers good job opportunities.  And if one of you is just starting your career, choose a place with a strong job market for that field.

Discuss your preferences with your partner and make a decision that works for both of you. 

Ultimately, the most important thing is to choose a place where you will be happy and comfortable.

Read Also:  To Rent or to Own? 4 Things to Consider In the Kenya Market.

4. Acknowledge Lifestyle Changes

Having a child can significantly impact your daily routine and personal freedom. So you need to be prepared for these changes.

Lifestyle changes that may occur when starting a family include{

• Reduced leisure time
• Less sleep 
• More responsibilities.
• Less income if one parent stays home to care for the child. 

Discuss these changes with your partner and plan how to manage them together.

Read Also: Money & Me: Once I Marry, I’m Dropping All My Friends.

5. Have Enough Savings

As you already know, starting a family comes with unexpected costs.  But if you have enough savings, you can have peace of mind knowing you won’t have to borrow,  mess up your budget, or lag in other projects. 

Here are more reasons to have a savings account.

• Financial security: Your savings can provide a cushion to handle unexpected expenses and financial stability in case of job loss.

• Planning for the future: If you have savings,, you can plan for significant life events such as retirement.

• Avoiding excessive debt: Having savings can help you avoid excessive debt by providing funds for emergencies and big purchases rather than relying on loans.

That said, also establish good financial habits, such as avoiding excessive debt, regularly saving,  and investing in your future.

Read Also: All You Need to Know About Savings Accounts in Kenya - Guide

6. Increase Your Sources of Income

Multiple sources of income can help you improve your financial stability and prepare for the future, reduce your financial risk, and provide a safety net in case one of your sources of income gets disrupted.

Here’s how you can increase your sources of income before getting married.

• Start a side hustle:  A side hustle is a part-time job you can do in addition to your regular job. Ideas for side hustles include freelance writing, selling products online, and virtual assistance.

• Invest in the stock market:  While there are risks involved with investing in the stock market, a well-diversified portfolio can provide a steady stream of income and help you achieve your financial goals.

• Pursue a higher-paying job: If you are currently working a full-time job, you can increase your income by pursuing a higher-paying position within your field or switching to a new career.  Although this may require additional education or training, it can significantly boost your income.

• Providing services: If you have a particular talent or ability, such as playing an instrument, speaking a second language, or gardening, you can offer your services to others. You could tutor, provide translation services, or gardening advice.

Read Also: 8 Ideas to Create Multiple Sources of Income.

7. Be Mentally Prepared

The pressure of starting a family, having a pregnancy, and raising your kid can impact your mental health. The good news is you can prepare mentally for these. 

Here’s how.

1. Have honest conversations with your partner about your expectations, goals, and concerns. It can ensure you understand each other's needs and reduce conflict.
2. Develop healthy coping skills to navigate the challenges and conflicts that will inevitably come. For example, you can seek support from friends or a therapist, practice self-care,  or learn to communicate effectively.
3. Build a strong support network of friends, family, or colleagues to provide emotional and practical support during tough times.
4. Educate yourself about marriage by reading books, attending workshops, or talking to others who have been married for a long time.
5. Prioritize your mental health by seeking help if you're struggling with anxiety, depression, or other mental health issues.

Read Also: Money Conversations You Must Have With Your Partner.

8. Review Your Support System

Reviewing your support system before getting married is a good idea, as a strong support network can provide emotional and practical support during times of stress. To review your support system, you can take the following steps:

1. First, identify your close friends and family who provide emotional support. 
2. Consider whether you have access to a support group or community, such as a religious or cultural group, that can provide additional support.
3. Reflect on whether your current support network is sufficient to meet your needs or if you need to expand it by building new relationships or strengthening existing ones.
4. Communicate openly with your support network about your needs and expectations, and ask for their help and support as needed.
5. Consider seeking professional support, such as therapy or counseling, if you struggle with mental health issues or other challenges that may impact your marriage.

Read Also: How Your Budget Changes When You Start a Family

Wrapping Up

In sum, starting a family is a big step, and there are many things to consider before taking the plunge. From making sure you have enough savings to reviewing your support system.

By taking the time to address these critical issues before starting a family, you and your partner can lay the groundwork for a happy and fulfilling life