Family Finance

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The first parenting challenge awaits you is finance matter. Remember, a child changes everything. Raising a child these days is pricey โ€“ from buying baby equipment to setting up a trust fund for education in the future, everything involves money. Hence, before you struggle mid-way while raising your kid, plan ahead and start saving even before you have a baby in the family.

Most probably, parents are excited over the first child in a family. But bear in mind, control your expenditure and do not fall into the parent trap โ€“ purchase only what is necessary. Here are some top practical tips to guide parents on finance matters once a baby is on the way.

Be financially smart parents

For parents out there, shop smartly. It is extremely important for you to choose quality products especially equipments such as cribs, car seats and breast pumps. Make you you browse through different stores before purchasing particular item. Compare prices to ensure you have the best deals and bargain. If possible, re-use essentials such as baby clothes and cribs by handing it down from kith and kin.

Remember, your baby does not know that they are using branded goods. Hence, it is not necessary to buy expensive branded items. Before you go shopping, prepare a list of what you need. An additional tip for you to consider โ€“ always buy what you need not what you want. Stick to the items listed under the list and set a reasonable budget.

Never jump on the bandwagon. Ignore the fact that your friends or neighbours are spending lavishly on unnecessary products such as additional branded strollers, expensive toys and designer clothes designed specifically for babies. What is more important is to set aside money for college education. Besides education, you will also need to set aside money for health-related problems, insurance, allowance for your teenage children and other matters.