The challenges of parenthood are numerous, from the early years to college graduation and beyond. For new parents, the challenges in question will seem even greater, especially when discussing financial matters. You may worry about your bank account taking a number of hits, but rest easy knowing that there are ways to remain on steady financial terrain. Here are 3 things that new parents must know about finance, courtesy of Robert Jain.
First, create a budget that you will be able to work from in the future. One of the reasons new parents may find it difficult to save money is because they don't have a plan in place. A budget will provide an outline of where resources should be allocated. In theory, this will reduce spending in the long term, as there's a roadmap of sorts that can be followed. This is just one tip that names like Bob Jain can offer, but it's an invaluable one all the same.
You should also take the time to automate your payments when applicable. This goes far beyond direct deposit through your employer, too. For example, if you have cable, you have another monthly cost that you have to cover. Instead of paying for said cable through the mail, why not set up a process online that will deduct the necessary payment automatically? This will help you better budget, which you will come to realize in due time.
Third, if you're looking to purchase new clothes, food, and the like for your baby, don't stick to traditional retail alone. While this option provides immediacy, you may not be able to save as much money as you could if you were to shop online. This is especially true when it comes to flash deals, which seem to pop up sporadically. By taking advantage of these offers, not only will you provide your baby with what they need, but you can save a few extra dollars in the process.
As you can see, there are quite a few ways that new parents will be able to save money. Don't forget about your parental responsibilities, though, as your new child will require all the care and attention that you can give. You want to make sure that they are as comfortable as possible so that they grow up happy and healthy. Saving money doesn't have to be a taxing endeavor, though, as these tips go to show.
First, create a budget that you will be able to work from in the future. One of the reasons new parents may find it difficult to save money is because they don't have a plan in place. A budget will provide an outline of where resources should be allocated. In theory, this will reduce spending in the long term, as there's a roadmap of sorts that can be followed. This is just one tip that names like Bob Jain can offer, but it's an invaluable one all the same.
You should also take the time to automate your payments when applicable. This goes far beyond direct deposit through your employer, too. For example, if you have cable, you have another monthly cost that you have to cover. Instead of paying for said cable through the mail, why not set up a process online that will deduct the necessary payment automatically? This will help you better budget, which you will come to realize in due time.
Third, if you're looking to purchase new clothes, food, and the like for your baby, don't stick to traditional retail alone. While this option provides immediacy, you may not be able to save as much money as you could if you were to shop online. This is especially true when it comes to flash deals, which seem to pop up sporadically. By taking advantage of these offers, not only will you provide your baby with what they need, but you can save a few extra dollars in the process.
As you can see, there are quite a few ways that new parents will be able to save money. Don't forget about your parental responsibilities, though, as your new child will require all the care and attention that you can give. You want to make sure that they are as comfortable as possible so that they grow up happy and healthy. Saving money doesn't have to be a taxing endeavor, though, as these tips go to show.
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Please consult Bobby Jain to learn more about improving your finances.. Unique version for reprint here: 3 Money-Saving Tips, From Robert Jain, That New Parents Can Use.
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