BREAKING NEWS 16-year-old girl killed in Freeborn County 2-vehicle crash Full Story
CLOSINGS: View Closings

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

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

Posted: Apr 9, 2018 11:00 AM
Updated: 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
Clear
21° wxIcon
Hi: 21° Lo: 1°
Feels Like: 7°
Albert Lea
19° wxIcon
Hi: 18° Lo: -3°
Feels Like: 10°
Austin
Clear
21° wxIcon
Hi: 21° Lo: -1°
Feels Like: 7°
Charles City
Clear
21° wxIcon
Hi: 21° Lo: -2°
Feels Like: 9°
Rochester
Clear
18° wxIcon
Hi: 18° Lo: -4°
Feels Like: 1°
Sunny skies and dangerous cold return
KIMT Radar
KIMT Eye in the sky

Latest Video

Image

Changing the start time for Rochester Public Schools

Image

Raising the age to get married

Image

Sara's Daybreak Forecast - Tuesday

Image

Osage has built a small town powerhouse

Image

Chris' PM Weather Forecast 2/17

Image

Pool and field house moving forward

Image

Cookies for the troops

Image

Riding along as plow drivers clear the roads

Image

Spring Break Travel Danger

Image

Sibshop program helping siblings of kids with disabilities

Community Events