There are many decisions that no one wants to make based on money. Decisions such as having children, educating them or visiting family. Although it doesn’t seem very gentile, the reality is that the financial consequences of these decisions must be considered.

Kids are a prime example. If parents-to-be sat down and calculated what the 0 to 18 year cost of having a child was going to be, they might be a little surprised.

These decisions are largely made in conjunction with value choices which is what can make them so tricky and conflicting. The key is to be aware of the financial impact. A little planning:

1. Describe the decision
2. Draw a timeline (note: short, medium and long term)
3. Quantify the costs you’ll face along the way as well as any change in income

Now that you’ve completed some planning, you can better enjoy the ride!