Raising a child would cost about $235,000. This is a huge amount. You have to do everything you can to prepare to be a parent before you get trapped in a situation you would not want.
Here are some suggestions for you as you embark on preparing for the coming of your new baby.
1. Get everything organized. Look intently into your finances. If you have outstanding debts, pay them off immediately so you can get focused on your new goal. Next, look into a few legal matters like your will, guardians, and insurance.
2. Set up a college fund. One year in college would cost around $22,000. Paying for a college fund before the baby is born would have you saved a decent amount.
3. Set up a trust that would manage how and where your money would be spent and when and how it will be given to your child should anything untoward happen to you and your spouse.
4. Plan how you and your spouse should go about with your schedules. Discuss how you would take turns in watching over the baby. You should start following the schedule even before the baby is born so that you would get used to doing it and avoid potential confusion.
5. Immediately start saving. The earlier you start, the more prepared you will be. Doing this can create a leverage so that you wouldn’t have to take out from your spending account or your emergency fund. This will keep your finances organized.
Planning will always put you one step ahead to financial preparedness. The coming of your firstborn is a milestone. You would not want to spoil his arrival because you are not financially ready.