to raise a child through age 17 — but it's hard to translate that big, scary number into daily life. Part of me is terrified, and part of me is simply avoiding the money debacle .at Northwestern Mutual, who is not only a finance expert but also a mom herself.Here's her advice to new and seasoned parents alike who are trying to do right by their kids. Of course, financial advice isn't one-size-fits-all.
"Will you have childcare costs? Diapers, formula, and more diapers? A reduction in household income if a parent plans to step back from working? The best thing you can do is plan ahead so that you can be proactive before the baby arrives," she says.This is a big one.
So if you've never budgeted before, now's the time to compare your monthly income with your monthly costs and see where you've been overspending . If you get used to following a budget now, it will be easier to do so once you have a new baby around. Not sure where to start? Here are"The best tip is to block off time when you are not exhausted and take an objective approach to reviewing your costs, starting with fixed expenses," says Bonneau.
She suggests,"If budgeting is a sore subject, seek an adviser to walk you through the process to help manage the tension and responsibility of budgeting." In fact, they'll be able to give you customized, professional advice based on your income, expenses, and personal situation. Not sure where to go?