Money
4 Money Moves to Make Before Having Children
Children aren’t cheap. These are some of the money moves you should make before having children
[tps_header]If you are planning to start a family, you might need help planning for the future. While children are fun, they aren’t always cheap and being a parent means a shift in personal and professional priorities. These are some of the money moves you should make before having children.[/tps_header]
Get Out of Debt
During your single and child-free days is the best time to live on Ramen Noodles and work long hours to become debt-free and escape the paycheck to paycheck lifestyle. Why? Babies require time & money that you currently use for other things at the moment. For example, if both of you work, you soon might be paying $1,000 a month in daycare expenses.
If you have a mortgage, student loans, or a car loan, that extra money can be put towards paying off these loans early and having one less monthly payment. That way, once the baby arrives you can afford daycare or any other parenting costs without having to cut spending elsewhere because you can now use that $1,000 previously reserved for extra loan payments to pay the daycare center instead.
Disclosure: The information provided by The Financial Genie is for informational purposes only. It should not be considered legal or financial advice. You should consult with an attorney or other professional to determine what may be best for your individual needs. The Financial Genie does not make any guarantee or other promise as to any results that may be obtained from using our content. No one should make any investment decision without first consulting his or her own financial advisor and conducting his or her own research and due diligence. Additionally, some of the organizations with products on our site may pay us a referral fee or affiliate commission when you click to apply for those products.
Leave a Comment