Holding my son for the first time
I thought this post was fitting since a pretty close friend of mine just recently found that they are having their first child. You can never prepare for being a first time parent. Diapers, baby crib, strollers…..it can be overwhelming. Here’s another guest post of Joe Plemon of Plemon Financial Coaching offering some basic tips on preparing financially for your first child. And yes, that is my little buddy up top. Go ahead. You know you want to…..Ahhhhh. Now to the post.
Q: We are going to have our first baby in a few months. What things should we be thinking about that will help us be wise with our finances?
A: The following ideas should help:
Have a budget
I realize that everyone needs a budget, but if you don’t have one in place, now is the time to get it working. The good news is that babies don’t cost as much as society tells you. The not so good news is that, as money grows tighter with a little one in the house, not having a written cash flow plan in place can get you in trouble. Turn the TV off and plan an evening with your spouse to prepare a budget. You will be glad that you controlled your life instead of letting it control you. Here’s a good budget read at Free From Broke.
Have proper life and disability insurance in place.
Ask yourself this question: “If something happens to my spouse or me, how will the remaining spouse be able to care for our child and continue to pay the bills?” You probably spend more eating out in a month than life insurance and disability insurance premiums would cost, so you absolutely can’t afford to not have them. Here’s some other personal finance essentials from Patrick @ Cash Money Life. […]
