Alain Guillot

Life, Leadership, and Money Matters

Small family having breakfast

4 Tips You Need To Finance Your New Family

The cost of starting a family can be astronomical. Between buying a house, paying for preschool and college, and planning for the future, it’s easy to see how parents can find themselves pinching pennies. However, if you’re looking to start a family in the near future, there are plenty of ways you can save money to do so, without sacrificing your style or quality of life. If you’re ready to make that leap into parenthood but aren’t sure where to start or how much it will cost, read on for some helpful advice that will have you planning your family in no time.

Live where you’re most likely to save money

Especially if you are a first time buyer, look for property that is fairly cheap and perhaps more deprived areas. Although this may not be ideal for the lifestyle you want long term, it is a decision which will help you lower your expenses significantly and save up for a nicer house in a nicer area. Getting on the property ladder early into your family life will benefit you tremendously in the long run and will help you avoid the tension living with your parents, girlfriend and a newborn can sometimes cause. Financing a new home can prove to be difficult and requires a lot of knowledge to perfect.

Create a Budget early

Try to live as cheaply as possible in the months approaching the baby’s due date. Saving up as early as possible and lowering your own quality of life before the baby is born will give you greater financial freedom once the baby has arrived. Don’t think of this decision as much of a sacrifice, the money you have saved during this time can be used to improve your quality of life and spend more quality time with your new family. It is worth noting that there are plenty of budgeting apps available to help you with this process.

Be smart about how and where you shop

When it comes to shopping for groceries, there are plenty of ways you can save money as a parent. The first is to shop at your local grocery store instead of a more expensive chain. You can also make sure that you’re shopping for sale items, buying in bulk, and reading expiration dates. There are plenty of ways you can shop for cheaper groceries.

Don’t be afraid to ask for help

If you’re struggling to create a budget and stick to it, don’t be afraid to ask for help. There are plenty of family budget apps and online resources that can guide you through the process. If you don’t feel comfortable asking for help, you’ll wind up spending more than you would otherwise. Even if you aren’t planning to create the most complex budget, you can still benefit from budgeting through the app or website. They can still help you track your spending and learn how to save money.

Preparing yourself to start a family can be a daunting task financially, emotionally and physically. However if you plan early enough and get things in order in the months building up to your child’s due date you can take a lot of pressure away from yourself and get into the swing of things much easier. 

God forbid anything goes wrong during the birth of your child, it is worth knowing that you can get compensation for any malpractice in the childbirth procedures. Over the past few years there has been a rise of cerebral palsy lawsuit settlements among other forms of compensation.