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How to Be Financially Prepared for a Baby

Mar 29, 2019

Having a baby will be the biggest blessing in your life but not knowing the costs can steal some of the joy for the time of your life!

Many folks say there’s no way to ever be financially prepared when a child comes but here are a few things to keep in mind as you prepare for your BIG ARRIVAL!

  1. In most cases you have 39-40 weeks to prepare financially for a child unless you’re ahead of the game and have been saving for years! I recommend getting a savings account strictly for your child. The compounded interest added to your savings will be IMMENSE and one you do not want to miss out on!
  1. Keep in mind the cost of childcare, diapers, wipes and the basic necessities you cannot live without. Buying in bulk will allow you to save and many times, coupons will add to the extra savings!
  1. If staying at home with your baby, keep in the mind of the changes in income. The more you save before the baby arrives, the less stress you will have once you’re holding your bundle of joy!
  1. Lastly, plan a super smart registry. Register for items you KNOW you need like, high chair, gender specific clothing, diapers, pack-n-play, baby bed, etc.

Many folks chalk this time in their lives as the shortest, happiest time of the lives. Avoid the financial stress and plan today!

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