Top Tips: Financial Planning for New Families

Top Tips: Financial Planning for New Families

Whether you are becoming a newborn parent or your family is expanding – money plays an important role in being able to focus on what’s important. Read our top 6 tips for saving money and better money management for families expecting a baby.

Specify, organize and plan your savings

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When buying a new home or starting a renovation project, one of the first things you’ll probably do is research. A new child or family extension is also a good reason for an analytical approach – there is good financial planning for new families. The world is full of apps that can help you create a budget for your yield. However, sticky papers and Excel spreadsheets can serve the same purpose if you prefer.

If you already have children, you probably have a very good idea of ​​what you will need for your new baby and you may already have some of these things at hand. However, if this is new territory, don’t forget to reach out to friends and family who can give you tips and tricks that you haven’t thought of. Also, some online research can help you see the range of product prices and where to find good discounts.

One way to narrow down your list is to make a list of “essentials” and stick to it initially, while leaving some money aside for unexpected situations. The second method is to have a few lists: essentials for a small baby, a toddler, wishes / extra things. This will help you prioritize your needs (and think about when you need them).

Start planning your child’s first year of life

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When starting or growing your family, it can easily be difficult for you to think about a distant future, such as school expenses or even savings for college or university. It’s a good idea to start thinking in time frames that you can manage. Plan ahead for the first year and think about the supplies you will need to make money.

First, stick to the basic things: car seats, strollers, cots and changing tables. Many of these items are convertible as your baby grows, such as adjustable strollers and cots that can be used for longer than the first year of life. Once you have listed the larger items, start making a list of smaller items that you will need, such as blankets, clothing, and diapers. This is a good time to use an Excel spreadsheet.

Some hidden costs may come from baby toiletries, especially for new parents. Get yourself basic things like baby shampoo, lotion, baby powder and don’t forget nail care – baby nails can be surprisingly sharp!

Avoid famous brands to save money

Avoid famous brands to save money

It sounds nice to have a baby that is adorned with the cutest and top brands. In practice, your new baby will only wear clothes in the comfort of your home and is likely to get dirty. If your item has grown to your heart, choose special clothing and accessories just for occasions or taking pictures.

There is a wide selection of baby toiletries, including different prices. Like branded clothing, this is a good time to choose unmarked products or cheaper options. Think about your own priorities and choose your own battles. For example, if exclusive or organic products are important to you, buying in advance at a sale can save you a significant amount of money. Just check the expiration dates to make sure your investment does not accidentally waste.

Tips for wise loans | Payday Loans

Tips for wise loans | Payday Loans

Are you considering to take out your loan or to combine several loans? Then pay close attention to the conditions and any costs (penalty interest).

Here are tips to wisely (and merge) your loan (s):

Do the costs of relocation outweigh the financial benefit?

Do the costs of relocation outweigh the financial benefit?

A (somewhat older and longer-term) personal loan is often not repayable without penalty. Check this carefully in the conditions. If you have to pay a fine, determine whether or not you will ultimately be more profitable when transferring. At From Good Credit you can always repay your personal loans without penalty.

A short duration is usually cheaper

credit loan

An additional advantage of refinancing your loan is to shorten the term. With a shorter duration you can pay off quickly. After all, the duration is shorter and the interest is lower. In the beginning, the monthly installment will be slightly higher due to the shorter duration than with your old loan.

But because the loan is being repaid at an accelerated pace, this amount drops quickly. A loan with a short duration is therefore always cheaper.

Easy acceptance of the same loan amount

Easy acceptance of the same loan amount

When lending a loan, the lender reassesses whether you can get the credit. Information is requested from the BKR about your payment behavior.

In addition, the bank reassesses your application / loan based on your current current income and expenses. If you borrow the same amount (only the highest amount), chances are that you can transfer without problems.

Note: with a small loan, often higher interest

Note: with a small loan, often higher interest

Do you have several smaller loans? Good to know that you usually pay a higher interest rate for smaller loans than for larger consumer loans. The best way to save money on all those small loans is to merge.

It is possible to combine various types of loans. Think of a personal loan, credit card debts, revolving credit and a bank overdraft. Mail orders or store credits are also common credits.

With merging you borrow a larger amount with which all small loans are repaid. There are countless advantages: lower costs and therefore lower interest rates, shorter duration and much more overview. Do check well if there are costs involved, especially with personal payday loans.