@theallergyspot
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If you’re like many married couples who have debt from things like student loans, the purchase of a new vehicle, or just bad decisions with credit cards, then before you welcome the pitter-patter of little feet you’ll need to make great strides in improving your financial status. New babies change the dynamics of the family budget like no other. This tiny little person you created and planned for also created the need to spend more money – more money on insurance, more money on childcare, and more money on supplies like diapers and formula.
American President Herbert Hoover once said, “Blessed are the young, for they shall inherit the national debt.” Perhaps this is true, but with careful planning your children won’t have to inherit your personal debt. By setting a healthy example of how to handle finances, you can actually prevent your children from making bad habits of their own as they grow up to accumulate their own financial reputation. Here are some ways to tackle your bills and perhaps pay them off quicker in spite of all the changes associated with a new little family member.
Know What You Owe
Sit down with your spouse and make a list of all the debt you owe. This will help you make decisions about things like what you can afford to pay for childcare. Another option is that one parent may decide to quit their job and stay home, or telecommute in order to work at home. But the most important fact you must consider is this: how will you afford the child in the first place? Babies are expensive! From birth to age 18, a child’s expenses can easily total amounts of $125,000 or higher. And that’s without a college education.
If you owe a ton of debt prior to bringing a baby into the world, your debt might begin to resemble a bottomless, black hole from which you can never climb out and be free. Nothing is further from the truth. Debt management plans are one of the most successful ways to pay down debt while adding to your savings account at the same time.
Plan for Changes
Some changes you can plan for before a new baby arrives. What room of the house can be redecorated for use as a nursery? Or perhaps the master bedroom is large enough to accommodate the crib for the first several months. If you work and your job offers benefits, then you’ll need to arrange to have the baby added to your health insurance plan. Here are some other points to consider before your baby arrives.
- Life, disability, and other types of insurance – Do you need it? If so, what kind of coverage is best for your family? Does whole life or term life insurance offer your family the most benefits? What are the benefits of other types of insurance, such as disability? Are you willing to risk going without the added protection?
- Wills – Without a will, your personal belongings, including your vehicles and home, are left in the hands of the court. But more importantly, without stating who will care for your children in the event of your death gives the court power over this emotionally difficult decision as well.
- Taxes – Now that you have an extra dependent, it’s likely to affect how you fill out your annual tax papers. If each parent files separately, who will claim the new little person? If you’re in the United States, then have you registered for a social security card for the new baby?
Avoid Common Financial Mistakes
Parenthood is a distracting job. If you don’t believe me, try changing an infant’s diaper while keeping an eye on a three-year-old. Or try grocery shopping with an entire group of your offspring. And if you’re a real thrill-seeker, take an entire brood of children to the shopping mall in your nearest city without the assistance of another adult. It’s just enough to get through the day and meet the bare minimum level of responsibility without caving under the pressure, much less constantly balance the household budget on top of everything else.
However, avoiding common financial mistakes is easier than you’d think, especially once they become a habit. First of all, pay off the credit cards and cut them up. If you have to use a one-time debt consolidation loan to accomplish this, you’ll thank yourself once you’ve made the last payment and are relatively debt-free. Using credit cards is too much like disposable income but carrying cash makes you aware of just how much you have for that outing, or even for the week if you’re able to discipline yourself.
Another great way to save money when raising a family that passes along good financial habits to your children is starting a loose change jar. One stay-at-home-mom blogged the suggestion to save all loose change, from jeans pockets when doing laundry, beneath couch cushions, or wherever, in a jar. Once the jar is full, use the machine at the bank to see how much your family has saved. Part of the money goes into each child’s saving account while the rest is used to buy something for the whole family whether it’s pizza and a movie, or a new video game.
Finally, the most important way to save money, regardless of your family dynamics, is to sit down as a family, make a list of goals and priorities, and then stick to them no matter what. One goal should be to save money for future what if situations. What if little Tommy decides he’d like to go to an Ivy League school instead of community college? What if little Susie needs to purchase a trumpet to play with the school marching band? Or what if it’s something unrelated to the children, such as a flooded basement or a tree crashing through the roof of your home? Being responsible with money gives you an edge over those who aren’t, and the more savvy you are with your dollars, the more likely it is that your child will continue those same habits and eventually pass them on to future generations as well.
Me and my husband are thinking to have a baby
Your these tips will really help us to make our decision more strong.
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We all should avoid financial mistakes because they can lead us to a big loss. Nice post Dear. Loved it.
Twitter: donmanualcom
Thanks for your article! I agree, it’s important to plan everything before baby comes. For me, as a newborn family, your advice is very important!
Hi Michedolene,
really good tip with the loose change jar. I used to love collecting my change like that when I was a kid. As for financial worries, they should all be resolved before planning a family in my opinion.
Mariella
Twitter: theallergyspot
I LOVE the loose change jar. I currently have one filling up for my first grand baby
Michedolene Hogan recently posted..10 Dog Breeds for Those With Allergies
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Thanks for the tips. We use the loose jar method and the kids love it. My 7 year old daughter also recently asked if she could do a lemonade stand and made $30.50 in 1 1/2 hours. SHe is hooked and is trying to talk me into doing it everyday.
Hopefully the planted seed lasts a life time.
Twitter: theallergyspot
Your daughter’s lemonade success is awesome! No doubt that made her proud.
Michedolene Hogan recently posted..10 Dog Breeds for Those With Allergies
great article, always give the kids a good future, plus it helps them out
Hi Michedolene,
The timing of this article couldn’t be better. My wife and I are expecting our first child in February 2013. I like the idea of the money jar and I also think it’s a good idea to start a separate savings account for your child from day one. Put whatever you can in there each month. $10, $100, $1000 or whatever. By the time they hit 18, college expenses won’t be as big of a burden if you’ve been saving ahead of time. This account can also act as a reserve if you find yourself in the middle of something unexpected.
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Twitter: theallergyspot
Congratulations on your first baby! If you follow your own advice here you’ll be very surprised at the benefits in the end.
Michedolene Hogan recently posted..10 Dog Breeds for Those With Allergies
As a father of two I agree completely with this article. If you aren’t financially stable or if you think there might be hard times ahead then you need to rethink having a child.
Mike Howg recently posted..How to Improve Google Ranking with WordPress SEO
Good Articles for couples who want to have baby. It is not easy to have baby with less salary or having less money. One should have to be financially strong before planning for a baby.You have provided great ideas to maintain the financial structure.
Make financial plan is very important to face the unwanted condition. The are many way to save money such as save in back account, invest in gold, invest in jewelry and other productive goods.
Selective in buy something also can save the money.
julidarmaputra recently posted..Natural Way To Build Up Muscle
Twitter: Aditya Antil
My wife is expecting a baby soon and we have saved some bucks for the baby but from some time we both are worried abut how to spend the money and on which thing the most these tips are surely help us to take care of our expenses and the new comer in my world.
Thanks a ton for these tips
Aditya recently posted..ERP Software India
Congrats Aditya.. these tips are really good to plan for future.
Twitter: Aditya Antil
Yes these tips are really good Pulkit.You will get to know more importance of these tips once you will become a father.
And thanks for the compliment.
really happy i am going to be a dad soon.
Aditya recently posted..Mobile Recharge Software API Integration Delhi Noida India
Planning is very important, but as with anything getting started is just as important. Even its a small amount, it starts adding up if you start saving the same amount every month.
Twitter: simonreyes3
nice..i will plan my baby using your guides
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The Most Important thing is to have secured investment. After that, Opening an account for your Kid(s) with 15 Years Fixed deposit . This will cease the burden of the parents in the Nearest future
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Twitter: ithauphy
I try to find out where is the best insurance to minimaze any life problem that we will not predict. Baby is our responsibility. whatever happens, all should be well prepared.
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These are very eficient tips for our family members and children who want our attraction and attentiveness !!!!!!!
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My husband and I have been recently talking about having children since we’ll both be done with graduate school soon. One big worry of ours has definitely been the financial aspect of it, but this entry has given me some great ideas and tips of how to go about handling it. Thanks for the tips!
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Many parents have to choose between retirement and sending their kids to college. The cost of sending your child to school in the traditional way is just not doable anymore.
Magali recently posted..Pay for College Without Sacrificing Your Retirement: A Guide to Your Financial Future
Twitter: Fascin8Me
Both of my parents had change jars and it’s something that both my brothers and I did and now the next generation as well. It’s really amazing to see how much collects – and we all had BIG jars!
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Twitter: JoshuaLauniu
My favorite part is the “Know what you owe” section of this post. Alot of people who are in debt don’t know exactly what they owe and give up hope thinking they owe more than they actually do. I’ve seen so many people file for bankruptcy when they could have easily controlled their debt problems. KNOW WHAT YOU OWE
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Thank you for posting this. I think it’s a situation in US that is highly understated.
Unfortunately, many children born nowadays are unplanned, but that doesn’t mean the situation at hand can’t be planned FOR.
Those financial mistakes you mentioned above.. Are all too common indeed. Thank you for posting this guide, I will definitely need to provide it to the parents of my school.
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This is a great structure to have before delving into the baby scene, as financial difficulties can take a greater toll on a relationship than there needs to be.
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