I recently caught up with a friend I hadn’t seen in a few months. When we met for dinner, I noticed she had a wonderful glow about her, and she ordered a sparkling water instead of her usual glass of champagne. I smiled and asked “Do you have some exciting news you’d like to share with me?” 🙂
Needless to say I was thrilled for Jenny and her husband. They were expecting their first child and I knew what incredible parents they were going to be. Jenny talked about all the preparations ahead of the due date – they were planning on buying a car, moving to a larger apartment, and had started to look at cribs and strollers.
Jenny then said, “I know as new parents, we will need to review our financial situation – but where do we start and what are the must-dos?”
Take a look at this video to find out what I told her about financial planning.
So to recap:
- Mind the expenses: Find some method of identifying the new expenses that come with having a baby, and reallocate funds towards it. Click here to download a Save & Spend Plan.
- Protection pays: Health and life insurance can protect your children and the quality of life you’re living today.
- Create a will: Have a say in how your children will be cared for.
- Start an education fund: Schooling is expensive so build up savings early.
Questions? Feedback? I’d love to hear from you. Message me at [email protected].