Preparing for a baby doesn’t just stop at picking the name or setting up the nursery. It also requires a lot of financial planning.
It’s easy to get swept up in the emotions of the pregnancy and ignore practical matters,” said Deborah Meyer, a certified financial planner and CEO of WorthyNest. “It’s never too soon to begin financially planning for a new baby.”
1. Create a baby budget
2. Talk money and make a plan with your partner
Navigating money conversations with your significant other may be awkward, even when you’re not expecting a baby,” said Meyer. “A good financial coach or planner can be helpful to ease the tension if every money conversation ends with an argument.”
3. Secure more savings
It’s always good to get an idea of what that number looks like and start saving for it in advance before you have the additional cash flow hit from baby expenses,” said Jacobs.
4. Maintain a thrifty mindset
The biggest mistake is not speaking with other parents of toddlers,” she said. “They are slightly past the sleep-deprived newborn stage of parenthood but close enough to it to remember the extra financial expenses associated with a baby.”Source: CNN