Not everyone is privileged to be born into a rich family. Some of us wish our parents had made the right financial decisions when we were born to avoid suffering later. For new parents however, the addition of a child to the home brings about a drastic change in financial planning and overall use of money. That said, here are 5 financial blunders new parents tend to make.
Buying brand-new baby equipment
Parents often want the best for their children. Parents of newborn children make it a priority to buy all their children’s equipment brand-new. This is a big financial mistake. Parents, you don’t have to buy everything new for your child.
Think about it, most newborn children outgrow their onesies within the first month. Some even quicker. It doesn’t make financial sense to purchase multiple clothes for newborn or infants as you will need to change them in no time. The trick is to get hand-me-downs from your peers who have given birth within the past year or 2. Don’t forget to pass on the clothes and other external items to a parent who needs it after!
Travelling with your baby
Many millennials and young parents these days feed their wanderlust by travelling to their dream destinations. But what happens when a child comes along? They bring the child too. Besides the struggle of bringing an infant with them on the airplane, possibly inconveniencing others in the process, parents will have to spend on airfare after their child hits the age of 2 years old.
There are some exceptions to this blunder. It is acceptable if you must attend a family function and need to travel. But if it is purely a dream holiday, it’s best to leave baby at home with a nanny. You can save big bucks this way – and have a break from the childcare too.