Becoming a parent changes everything – including your money! Let’s learn how to look at your money plans now that you have a little one.
Your Money Needs a New Plan ๐
When a baby joins your family, your money needs to work differently. Dr. Emily Parker from Family Finance says, “New parents often need to change how they spend and save money.” (Parker, 2023)
When to Look at Your Money Plan ๐
Good times to check your money plan:
- Before baby comes home ๐
- When you go back to work ๐ผ
- Every few months as baby grows ๐
- When big things happen (new job, moving) ๐
Easy Steps to Check Your Money ๐
1. What Do You Want? ๐ฏ
- Money for baby’s school later? ๐
- Bigger home someday? ๐ก
- Time off work to be with baby? โฐ
Write down what matters to your family!
2. Count Your Money Now ๐งฎ
- How much comes in each month? ๐ต
- How much goes out for bills? ๐ฑ
- Do you have emergency money? ๐จ
The American Academy of Pediatrics says families should save money for surprise doctor visits or car fixes. (AAP, 2024)
3. Make a Baby Budget ๐
- Diapers cost about $70-$80 each month! ๐ถ
- Baby food adds $60-$100 monthly ๐ผ
- Doctor visits have costs too ๐ฉโโ๏ธ
“New parents often don’t know how much baby items really cost,” says Mr. James Wilson from New Parent Money Guide. (Wilson, 2024)
4. Save for Important Things ๐ฆ
- Start a small college fund if you can ๐
- Save $10 each week for baby needs ๐ฐ
- Keep some money for surprise costs ๐ฎ
5. Look at Your Safety Nets ๐ฆบ
- Do you have good health insurance? ๐ฅ
- Is your job safe if baby gets sick? ๐ค
- Do you need life insurance now? ๐
Fix Your Plan When Needed ๐ง
Things that mean you should change your plan:
- Baby has special needs ๐ถ
- Your job changes ๐ผ
- You want another baby ๐จโ๐ฉโ๐งโ๐ฆ
- You need a bigger home ๐
Ask for Help! ๐โโ๏ธ
Many people can help with money questions:
- Your bank has free helpers ๐ฆ
- WIC can help with food costs ๐ฅ
- Tax helpers can find money you get back for having a baby ๐ฒ
- Call United Way’s 211 Helpline for financial assistance to answer any questions you may have and they provide free resources!
The Consumer Financial Protection Bureau has free guides for new parents about money! (CFPB, 2023)
Remember This! โค๏ธ
Having a baby is amazing! Your money will change, but with a good plan, you can take care of your little one and still reach your dreams! ๐
References
- American Academy of Pediatrics (AAP). (2024). Financial Planning for Families.
- Consumer Financial Protection Bureau (CFPB). (2023). Money Guide for New Parents.
- Parker, E. (2023). Family Finance: New Parent Edition.
- Wilson, J. (2024). New Parent Money Guide.
