I read this article (4 money mistakes people keep making when they’re expecting a baby) by Sheryl Nance-Nash recently. I have a few clients (parents and grand-parents) that are expecting. I found it timely for them and there are lessons for others here too.
- Don’t buy too much stuff. Baby’s don’t really need all the things that are sold. Don’t use debt.
- You may need to adjust your budget. Changes in your life can mean changes in your budget are in order.
- Don’t neglect thinking about your future needs. Save for college, save for retirement.
- Update your estate planning documents. Periodically review your insurances.
- Re-evaluate your “emergency” needs. They may be new.