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Taking the time to get your budget in order and laying the foundations of a long term savings plan will hold you in good stead in your new role as parents.
Our preparations for parenthood often involve plenty of unknowns - could you face unexpected medical bills? How much time can you afford to take off work? How will you cope financially? The best way to bring certainty to what can be an uncertain time is by making some financial plans. This way you won’t have to worry about the money side of things, leaving you free to make the most of this special time.
A key priority for parents-to-be is learning to live within your means. That means drawing up a realistic household budget and sticking to it as much as possible. This will be especially important if you plan to take time out of the workforce following the arrival of your baby because you could be faced with a reduced household income (even if it’s only temporary) at a time when you could face additional bills and expenses.
One thing you don’t need when you’re getting ready to become parents is the burden of high interest debt. Your budget will show areas where you can cut costs, providing extra cash to reduce an outstanding credit card balance or personal loan. Entering parenthood with as little debt as possible will give you a valuable head start.
Babies don’t stay little forever, and as our children grow, the associated costs for parents tend to rise too. We all want the best for our kids, and by committing to a regular savings plan today you have a far better opportunity to give your child a wonderful lifestyle and a quality education further down the track. That’s a powerful incentive to start saving, and with some cash savings you’re also far less likely to experience financial stress due to unexpected bills or a change in your circumstances.