3 Essential Personal Finance Tips for New and Expecting Parents

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Having your first child is something that is indescribable, and it can really cement a relationship. But it also means that you have an extra mouth to feed and insure a future for. This is why it’s important to have a grip over your finances if you don’t already.

Managing your finances is something that is not taught in school, and adding a new member to your family could put additional strain on you, especially if you have one less breadwinner in the house for the early months. But, by applying some sound principles, you should be able to alleviate the burden. Here are a few pieces of financial advice all new and expecting parents should follow.

Ditch the Debt

This should go without saying, but you should try to do everything in your power to eliminate any kind of outstanding debt you have before the baby arrives. Get a copy of your credit report, check all the entries, and see if they’re accurate. If you see anything that you may have missed or things that you can get rid of right away, plan to erase them.

If you’re in a precarious situation and think you might need some financial help, we suggest that you give alternative financing options a look, but also know what they entail. Last recourse solutions like payday loans could help you if you’re going through a rough patch but have to be used responsibly. If you’re going to get a payday loan, find a reputable Payday Loans direct lender with flexible terms, and be aware of the fees for the loan and extensions. Also make sure you don’t borrow more than you need.

Work on an Emergency Fund

Most people are familiar with the principle of an emergency fund, but too many still don’t have one. Having an emergency fund is especially crucial if there’s going to be less money coming in during maternity months, so make sure you work on it as soon as possible.

As a rule, it is recommended that you have at least 3 months of living expenses saved up, though some advise up to 6. If you’re having trouble saving, call your bank, and set up an automatic savings account. Then, choose a reasonable amount that could be taken out of your paycheque, and trim the fat in your expenses. It might mean cooking more at home, finding home entertainment options, or finding a way to get supplemental income, but it’s worth it.

Think Twice About Upsizing

People often think about buying a home around the time they have their first baby. But, while the idea of getting more space might seem attractive, is it really necessary?

A lot of people think that a house is an automatic asset, but is not and can turn into a liability very quickly. If you’re going to buy a house, make sure that the monthly payments do not exceed 30 percent of your income. This percentage should be even lower if you have a lot of outstanding debt.

Welcoming a new child should be a time of celebration. Don’t let financial mistakes put additional stress on your new family, and follow these few tips if you want it to thrive.

About Author

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LaDonna Dennis

LaDonna Dennis is the founder and creator of Mom Blog Society. She wears many hats. She is a Homemaker*Blogger*Crafter*Reader*Pinner*Friend*Animal Lover* Former writer of Frost Illustrated and, Cancer...SURVIVOR! LaDonna is happily married to the love of her life, the mother of 3 grown children and "Grams" to 3 grandchildren. She adores animals and has four furbabies: Makia ( a German Shepherd, whose mission in life is to be her attached to her hip) and Hachie, (an OCD Alaskan Malamute, and Akia (An Alaskan Malamute) who is just sweet as can be. And Sassy, a four-month-old German Shepherd who has quickly stolen her heart and become the most precious fur baby of all times. Aside from the humans in her life, LaDonna's fur babies are her world.

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