Expert Q&A
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Email to a FriendWhat should new parents budget for?
I have been looking online, but I am wondering what a new parent should buget for to better plan for having a child. Thanks from a new mom!
Related Topics: Financial Planning, IRA and 401ks, Saving, Retirement Planning, College Savings and 529 Plans
Related Tags: Starting a Family, Budget, Children
Congrads! Being mom is the most exciting thing in my life, but also the most challenging task. :)
The first thing that I would recommend is to budget for diapers and formula; these are the most expensive items during the first year for a starter. If you already have a personal finance budget, then you are on track for better planning. Further out, besides the daily items you should start to budget for baby sitter, tuitions, etc.
To have a new baby can be overwhelming at first, but it’s all worth it :) I hope this helps. Please let me know if there is anything else that I can help you with :) Good luck!
Candy Yu
