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Save For Starting a Family

Starting a Family Smart

Wanting to start a family is completely natural. We all hit that age and begin to want more than just our partners for a family but, as most of us are also aware, having kids is not cheap.

Most people start working to save for it long before they start a family, and this article will overview some of the best tips for starting and maintaining those family savings so that you can start a family the smart way.

The importance of stability

No one wants to have to turn to their kids and admit they can’t afford to feed them that week, but if people aren’t careful about getting set up before they start reproducing that’s exactly what can happen.

In terms of knowing when you’re “stable”, make sure you have a reliable source of income, low levels of credit card debt, and a partner with a similar financial position.

Saving for it

Saving for a family should be as normal as saving for a down payment, you know you’re going to need the money and saving for it can actually enable you to have it. Start thinking of putting together a regular savings account just for your family expenses, so that even if your stability is threatened, you aren’t.

Start thinking about whether you want the baby bonus or maternity leave

Start thinking now about the fiscal efficacy, and personal decision making, about whether you want to take baby bonus or maternity leave when you start your family. There are benefits to both, and calculators for each, it’s just important that you decide before the baby gets here.

Look for new parent networks

Look for other people in your area who have recently had kids. There are a lot of networks of such parents springing up around the area, sharing advice, hand me downs, and child care sources. These networks can save you a host of money.