Life Kit How to financially plan for a baby
Jul 26, 2022
Farnoosh Torabi, Editor-at-large at CNET Money, shares invaluable insights for expecting parents on financial planning for a baby. She discusses the emotional and financial challenges new parents face and offers tips on budgeting and reducing debt. Farnoosh emphasizes the significance of understanding insurance coverage and making informed decisions on baby products. Additionally, she explores long-term savings strategies, like 529 plans, to secure a child's financial future. A must-listen for anyone preparing for parenthood!
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Focus on the First Year
- Focus on the first year of having a child, not the entire 18 years.
- You can't plan everything, and prioritizing becomes easier with a child.
Financial Foundation
- Prioritize financial goals like paying off debt and building savings.
- A strong financial foundation makes the first year of parenthood much easier.
Resources for Lower-Income Families
- Seek help from credit counseling agencies like the National Foundation for Credit Counseling.
- Negotiate time off and wages with your employer to create a savings cushion.