What To Expect When You’re Expecting A New Kid

August 17, 2020 Stu Q

The hustle and bustle of starting a new family can be overwhelming to say the least. You are thinking about all of the things you need to buy and try to prepare for. On top of this you also have to psych yourself up for becoming a new parent or a parent to a baby again. Regardless of where you are at in the journey, there are some things you may not be considering. Let’s discuss some of them.

1) Planning for college

One of the big struggles today is student debt. Yes, there have been some bills recently which have been passed that allow for some of it to be forgiven, but there is still a ton of student loans outstanding for millions of Americans. Once you kid is born, you can setup a college fund for them. If you were to start a small fund of $500 with $100 a month that got a 6% interest rate, at 18 years old they could have as much as $22,000! It might be a small amount compared to the rising costs of tuition, but that would help them out immensely toward breaking the cycle of student debt.

2) Creating a care plan

If you have thought about how much love you will have for you new child, have you thought about what will happen to them if you were to suddenly depart from this life before them? I know its a bit morbid, but as parents you need to think about these things. Setting your child up with a care plan if you end up leaving this world too soon, is very wise. You have worked so hard to build a foundation for you and your family, protect it with a living trust.

3) You don’t have to spend all your money

This is an issue all parents seem to struggle with (even your’s truly), but you do not have to buy everything for your little one. My little girl is not even here quite yet, but I already want her to have ALL of the things. Learning how to pull back on spending for your cute little one can be tough, but it is for the best. They will outgrow the clothes and eventually no longer play with the toys. Just enjoy the time with them. You do not have to buy more things to enjoy your time with them. Simply be there.

Enjoy your time with your little ones. They won’t be little forever.