Being a parent is one of the greatest experiences of your life, but it can definitely hurt your wallet. Check out some things to keep in mind with the rising costs of caring for children, and start planning as soon as possible. Remember to consider the following to help set your finances on the right track.
- Adjust your budget now. Start setting aside money as soon as possible, even before you are pregnant.
- Plan out baby purchases. Sit down with an experienced parent and list all the things you will need to buy for your baby and go get them. Shopping will be much more difficult after your baby comes.
- Use any leftover savings to open an investment account or CD.
- Set aside Money for unpaid Maternity and Paternity Leave.
*For more details, read the entire article here