Financial Planning for New Parents

Financial planning for new parents is all about flexibility and foresight.💡 From unexpected hospital bills to surprise baby expenses, it’s crucial to have room in your budget and a solid emergency fund.

“When it comes to financial planning for new parents, I think there’s a few things that you need to take into consideration. There are going to be so many expenses that come up that you weren’t prepared for, that you didn’t think about, and so one of the key things that I tell people who are about to become parents for the first time is make sure that you have flexibility. This could look like having room in your cash flow where you’ve got enough left over each month to cover those unexpected expenses. That can also mean making sure that there’s enough in your emergency fund to pay for the hospital bill you get that you didn’t expect. And so you really want to make sure that there’s enough there to have flexibility to cover any unexpected expenses.”