When you are expecting a baby, it is important to get your finances in order and be ready for this major life change. That is why I am so happy to have the experts from my sponsor brightpeak share with you today 3 Financial Tips For Those Expecting A Baby. Brightpeak is a not-for-profit organization that offers simple, effective education, tools, advice, services, and products for saving and spending geared toward new parents and young families. In fact they have a whole free ebook called “The Ultimate Guide for Growing Your Family: A Year of Money Must-Dos” with a 12-month plan and financial tips for those expecting a baby.
3 Financial Tips For Those Expecting A Baby And A Free Ebook Resource
Here are three smart money moves to make when you find out your are enlarging the family expecting your first baby. Research shows that given the same income, people who commit to a financial plan save twice as much money as those who just wing it.
- Understand your current financial picture.
Of all the financial tips for those expecting a baby, this may be the most basic but it is also one of the most important. Many times people need help coming to grips with their current financial picture so that they can see where there are gaps and develop a plan to address them before the baby arrives. The“The Ultimate Guide for Growing Your Family: A Year of Money Must-Dos” ebooks helps you take a close look at your last three months of your spending and apply the 50/30/20 evaluation to your spending.
- Establish an Emergency Savings Fund.
This is another piece of advice that is fairly basic but so important to achieve. brightpeak recommends at least $1,000 or 3 months’ worth of expenses. They also share a resource for a savings account that rewards you for saving and suggest personal finance programs such as Quicken, Money Plus Sunset Deluxe or Mint.com that can show you where your money is going and where you need to focus attention in the months ahead.
- Get a Grip on Health Insurance
Expecting a baby means you now have a new host of medical costs to consider— during the pregnancy and after. It is important to anticipate the costs your family might experience. brightpeak offers a resource for general cost estimates for those with insurance and for those without. They also help by providing you with a list of questions to ask your insurance company to get a firm grasp on what your pregnancy and birth costs will be.
Want more useful and detailed financial tips for those having a baby? I suggest downloading the brightpeak’s 23 page free ebook called “The Ultimate Guide for Growing Your Family: A Year of Money Must-Dos” here. It is full of honest advice on the right products and services to consider when you are expecting a baby with key takeaway financial tips to help you save more and spend smarter.
Do you have peace of mind that you are on the right track financially and ready for your baby? Did these financial tips for those expecting a baby help motivate you to get everything in order?