Being a new parent comes with a lot of stress and unknowns. While many parenting lessons are learned from experience, financial lessons can be learned and put into action early on to prevent worry and headaches later.
Here are 4 things to help new parents get a handle on finances.
1. Start Saving Early
When you have a child, it’s more important than ever to have financial stability. Babies come with a lot of expenses, so you’ll want to be sure that you have savings ready to be tapped into when needed.
One way to be sure that your savings goals are on track is to automate your savings. Have a certain amount taken from your checking account and put into a separate savings account at the same time each month so you’ll never need to think about moving the money.
2. Automate Everything
Just like automating your savings, setting as many of your bills as possible to automatic payments will make life easier, and anything that makes life easier when caring for a baby is a good thing. By automating payments, you can ensure that your payments will be on time and that your credit report won’t take any hits for late payments.
Call or go online to find out which bills can be set to autopay. Many services, from electric to water to cell phones, can be set up to be automatically paid. That means less time spent paying bills and keeping track of due dates and more time to spend with family.
3. There Are Ways to Cut Down on Costs
Most parents will tell you that kids are expensive. What those parents will also likely tell you is that you don’t need all of the most innovative gadgets, expensive clothing, and shiny new toys. You can provide for your child and be sure they have everything they need without breaking the bank.
Stick to the basics when it comes to clothing and toys. Buy diapers and formula in bulk. Accept hand-me-downs from friends who have been in your shoes with children who are a little older than your own. Skip the extras that will eat into your budget and that create stress-inducing clutter in your home.
4. Be Willing to Ask for Help
Being a parent is a tough job, but it’s one that you and your partner don’t need to handle on your own. The transition to becoming a parent is an incredible one but will also come with physical, emotional, and financial stress. Getting help from friends, family, and professionals can take some of that pressure off.
When it comes to finances, the professionals at Fremont Bank are here to help as well. You’ll have a lot of big financial decisions to make when planning your family’s future. We can help you find the products, services, and solutions that work best for you and your family.
Visit a Fremont Bank branch or contact us today to learn more.