3 Reasons Why Not Having Kids Is a Financial Game Changer

As you go through everyday life, you'll make crucial decisions that impact your life direction. One choice that many people must decide is whether to have kids. When considering your ideal life, you'll want to determine if children are part of the picture.

It can be rewarding to become a parent. But you should know that your finances will be impacted, in addition to the everyday life changes you experience. Are you still on the fence about having kids? I'll share a few ways not having kids could be a financial game changer.

1. You can focus on reaching career milestones

If you have lofty career goals, being childfree could make it easier to reach them. You'll be responsible for other humans beyond yourself when you have kids. That means you may miss time at work to care for a sick kiddo or attend parent-teacher conferences. You may even have to step away from work for an extended period due to the high cost of child care.

But you won't have these same struggles if you don't have kids. You can put more energy and focus into reaching important career milestones. Because of your decision not to raise kids, you may be able to make more money throughout your lifetime. Having the ability to focus on your career growth can be a win for your bank account and resume.

2. You can prepare for retirement

Another financial win that can come with not having kids is the ability to save and invest for retirement. Many workers contribute to IRA accounts and other tax-advantaged retirement accounts. Investing is an excellent way to prepare for your future non-working years.

When you don't have the responsibility of paying for the costs associated with raising kids, you'll have more income to put toward your retirement planning goals. Some childfree adults may find they can retire from their careers sooner than expected or can afford to work part-time instead.

3. You can afford to prioritize self-care

Another potential financial benefit is that you'll be able to afford self-care more easily. Whether you become a parent or not, taking good care of yourself, including your physical and mental health, is necessary. When you're rested and cared for, you can be more present in your daily life.

Those who don't have kids are more likely to afford the cost of self-care because they're not spending money on child care and other family expenses. Whether self-care looks like bi-weekly therapy sessions, a fitness center pass, or monthly massages, spending money on self-care expenses like this can help reduce stress and improve overall health.

Keep your finances in mind

For some, having kids is a big life goal, and the benefits outweigh any financial struggles they may face. But don't neglect to consider how your finances may change once you become a parent.

If you want to have kids and are willing to wait a few years, you can take steps to get your finances in order so you're adequately prepared for the additional expenses of raising a family. For additional money help, take a look at our personal finance resources.