Best Financial Tips For Any New Parent

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Having a child for the first time is one of the most exciting and nerve-wracking things you’ll ever experience. While there are countless facets to being a good parent, one of the big ones is good financial management. If you find it’s hard enough to manage your own finances, and you’re about to begin raising a young family, it may be time for a few changes. Here are some of the best financial tips for any new parent.

Look into Flexible Spending and Health Savings Accounts

As soon as you know you’re going to have a child, you should take some time to talk to your employer about flexible spending and HSA accounts. If your work runs one of these, and you qualify for the account, you’ll be able to deduct a given amount of your income before tax, and use this money to prepare for the needs of being a parent when your child comes into the world. If there’s anything left over after you’ve met those needs, you can move it to a savings account, and get a head start on your child’s college fund.

Look for Coupons and Reward Programs

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By now, you’ve probably got a shopping list as long as your leg of things that you’ll need to get before your baby arrives. Fortunately, there are many rewards programs and coupons available that can take a lot of the strain off of your wallet. Huggies and Pampers, for example, run points systems. After generating enough points, you’ll be able to redeem them for things like books, toys, and other supplies. You may also want to subscribe to some mom’s blogs that have updates on couponing. You may be overspending without these extreme couponing tips. The savings you’ll generate from these rewards programs and coupons may not seem like much, but every little helps!

Borrow the Right Things

Another prudent step for any new parent is borrowing the right baby supplies – namely clothes. While there are certain hand-me-downs you shouldn’t accept, you can save a small fortune by foregoing the usual shopping sprees and fishing for free things instead. Yes, your kid may look absolutely adorable in that teddy bear onesie, but kids grow quickly, and in less than a year it could be useless, and you will have wasted a relatively large amount of money. Talk to friends and relatives, and source whatever you can for as little as you can.

Think About Your Luxuries

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Having a child changes absolutely everything in your life, and some aspects of your previous lifestyle are going to have to go or be adjusted. Your priorities have to shift, there’s no way around it. Take some time examining everything you spend money on, and planning to cut out a few luxuries in order to save money. If you can save even a little on dining out, entertainment, and luxury purchases, you’ll free up a lot of cash you didn’t have before. This will take some of the financial strain away from being a parent, and allow you to give your kid the comfortable life they deserve.

 

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