Financial Responsibilities of New Parents
June 7, 2008 – 1:51 pmWith the new ruling regarding credit cards and the 20-day interest free grace period, I don’t think that people would still want to apply for credit cards, but I am wrong. If anything, credit cards are truly convenient.
Many of my friends are young mothers or are expecting their first child and some of them tell me that they are financially not prepared for their newborn. I think that when you are talking about credit cards and newborns, the similarity between them is you need to be extremely responsible!
Couples who are expecting a newborn should know that a baby is a long term commitment and they surely don’t want to go into debt because of the baby. To avoid this, it is always best to pay off all outstanding credit card balances in full every month. Parents should also know that it is not necessary to spend on the best for the newborn since the baby is ever growing so would require continued expenses.
That is why it is always good to have some form of savings and not forgetting insurance! And let’s not even start talking about the money required to put each child through good education! Only a rare handful of my friends plan their finances well, but once they plan a family, they really need to put a check on where their money if going towards!
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