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Getting a pair of shoes that carry a brand name for your 3-month old child is
nothing more than showing-off. Heed the message: no branded or imported goods. They
are not necessarily better in terms of quality. Besides, baby will outgrow the things
in a matter of weeks.
Don't buy too many of the same item - the length of wear would not justify its cost.
Preferably, buy clothes in light, plain colors for daycare - they look "fresh"
longer. You may also trade outgrown clothes with your relatives or close friends.
You can save some money from doing so.
It is important for first-time mothers to consider carefully before indulging themselves
by buying just about anything that caters to their fancy. Are you buying something
simply because it looks cute for your child? Do you think the object will be of great
use?
If it is the first reason, chances are your child would not need them - why waste
your money? Some of the things that you can do without are fancy bedding, kid-sized
table and chair, elaborate changing tables, expensive toys and gadgets, cradles and
bassinets which would last you only for a few months. Only put money into something
that is really worth its value.
Although it is important to save, certain items should be the exception even for
the most cost-conscious parents. Items such as a car seat designed for children is
a necessity for safety purposes. They are worth spending although it could squeeze
your pockets a little.
After the joyous event, what about ante natal and health care. If your child is strong
and healthy, it is fine, but you have to be prepared for expensive medical bills
if your child is prone to illness or worse still is suffering from some sort of ailment.
Further on, you have to consider your child education. Have you planned to set aside
funds to educate them? The costs can be substantial especially if you plan for them
to pursue higher education be it locally or overseas.
Certainly, you do not need to study economics to understand the various cost-cutting
measures. There are many variables that determine how much you should spend and the
costs vary for individuals.
You may consider writing a will to name guardians for your child as a precaution
in the event something happens to you or them before the child reaches adulthood.
Naming the guardian is an important reason for parents of young children to have
a will.
To some, writing a will is the last thing to do but in fact it is a critical one.
There is a general misconceptions that writing wills are only for the super-rich
and that you do not have enough assets to merit the expense.
Remember, it is the guardianship of your children and not the size of your assets
that makes writing wills necessary. The costs may vary depending on the complexity
of the case and other factors. Check with legal experts for further information.
Again, cost is likely to be a key factor.
There are many other factors on the horizon to consider, first-time parents will
have to adapt to the realities of parental financial responsibility.
If you are expecting your very first child, start working out what to expect from
birth to graduation day. It always pays to start early. Do not leave your finances
to chance and disregard. There is no better time than now to start straightening
up your financial house.
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