While becoming a parent is a joyful, life-changing event…it’s not cheap! Continue reading to learn four smart money moves every new parent should make…
Create a household budget. Your new bundle of joy will undoubtedly add a whole lot of new expenses to your overall budget. You’ll need to consider diapers, child care, and everything in between. Before the baby’s birth, go over your expenses and determine where you can cut back, or what you can do to create more flexible spending. Be sure to utilize SeaComm’s Free Personal Finance Manager (PFM), which can be accessed through NetTeller™!
Accept hand-me-downs. Let’s face it – you can never have too many clothes…especially for children! Save yourself time and money and seek out hand-me-downs before you opt to purchase brand new clothes for children who will grow out of them in a flash.
Build your emergency fund. For new and expectant parents, it’s extremely important to have a rainy day fund. Experts suggest for you to allocate your savings into at least three areas: emergencies, education and retirement. Consider speaking with a SeaComm representative about your savings options, which include; Regular Savings, Health Savings, Certificates, Money Market Accounts, Individual Retirement Accounts, and even Moola Moola Youth Accounts! Give us a call at (800) 764-0566 or visit your nearest SeaComm branch location.
Start saving for college. Of all things you’ll spend money on for your child, college is likely to be the most expensive. Therefore, having a fund to put your baby through college is very important…and many parents are beginning to embrace it before their child is even born. As a SeaComm member, a Miscellaneous Savings is the perfect account to help you save for various life events, like college, while earning dividends on your money!