Stretch Your Dollar: Financial planning for expecting or new moms

Stretch Your Dollar

Expectant or new moms may quickly be figuring out how expensive it is to bring a child into the world.
It’s an exciting experience for the family, and News 8 is stretching your dollar with why it’s so important to plan ahead.

From diapers to their college education, parents know there’s a lot in between that’ll cost you when your new addition arrives. It’s why it’s so important to clarify the wants and needs early on.

A baby adds love and joy to a family, but a baby can also bring out bad money habits in parents.

First things first: Don’t cave to parental pressure. Try not to buy every new gadget that claims to make your child the next Einstein.

Don’t compare yourself to other moms. It doesn’t end well.

Expect new costs. You can budget all you want, but when the first child comes along — there are some expenses you may not anticipate. So add more to your emergency savings.

Look at tax breaks. Uncle Sam can help you come tax time, like the Child and Dependent Care tax credit. Eligible parents may get up to $3,000 per child.

Start saving for college now. The earlier you save, the better.

Continue to fund your retirement. If you need to cut something from your budget, don’t sacrifice your or your child’s future.

A great money-saving idea is to look for mommy groups in your area on Facebook or your library. It’s a great way to hear about inexpensive activities and swap ideas with others going through what you’re going through.

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