BREAKING NEWS: Potential explosive device causes evacuation at Rochester PD precinct Full Story
SEVERE WX : Wind Advisory View Alerts

My Money Monday, April 9 - Money management tips for new parents

Are there any money management tips for new parents? We can help.

Posted: Jun. 20, 2018 2:03 PM

Link: https://www.firstalliancecu.com/blog/money-management-tips-for-new-parents

Q: When a new baby comes, it has an impact on a family’s finances. Are there any money management tips for new parents?

A: For new parents, budgeting and money management become even more important, because there are increased expenses, along with planning for the child’s future. The best advice is to begin planning and saving money before the baby arrives.

Q: What are some of the costs new parents should be thinking of as they start planning?

A: There are the obvious costs like diapers and clothes. But there is also the added cost to your health insurance. You should also start thinking about how you will save for their college education. Another thing to consider is your home and vehicle. Can they accommodate a baby and all the things that come with them like car seats, strollers? If not, can you afford to upgrade to something larger?

Q: Wow that is a lot to think about, what’s the best place to start?

A: It may seem difficult to think about savings for all of these things, but you have to be far-sighted when you have kids. Setting saving goals will make things easier for you. Sit down with your partner and figure out what your priorities are together, then make realistic goals and use direct deposit to start putting aside money every paycheck. Then by the time baby arrives your will have 9 months of savings already built up, it will be one less thing to worry about once your new baby is here.

Article Comments

Mason City
Overcast
47° wxIcon
Hi: 50° Lo: 46°
Feels Like: 39°
Albert Lea
Overcast
52° wxIcon
Hi: 52° Lo: 47°
Feels Like: 52°
Austin
Overcast
54° wxIcon
Hi: 55° Lo: 48°
Feels Like: 54°
Charles City
Overcast
46° wxIcon
Hi: 49° Lo: 47°
Feels Like: 39°
Rochester
Overcast
51° wxIcon
Hi: 53° Lo: 46°
Feels Like: 51°
Tracking a wet and windy Tuesday followed by a warm-up.
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Rochester police precinct evacuated due to bomb scare

Image

Tom Torkelson at the Kid's Cup

Image

American Legion Post #92 opens new location

Image

Splash pad expansion

Image

Tracking a Wet & Windy Tuesday

Image

Vansice plans move back to Iowa

Image

A look at the Kid's Cup event

Image

Short term rentals in Rochester

Image

Civic Center board of directors approved

Image

Rochester files lawsuit over opioids

Community Events