And if youre not careful, you could end up in a lot of debt.
5 Ways to Avoid Debt When Youre Starting a Family
Kids are expensive.
OK, thats not exactly a news flash if youre a parent.
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
Here are five money management strategies so you dont end up in debt.
Front Load Your HSA
Do you have a birth plan?
Does it include increasing yourHealth Savings Accountcontributions?
How can you possibly think about paying for college?
The good news is that theres an investment vehicle specifically designed for education expenses: a529 savings plan.
Thats a long time for your money to recover from the current market rollercoaster.
In my sleep-deprived state, I attempted to change the batteries but unwittingly opened the main gear department instead.
Moral of the story: Expect unexpected costs when you have a kid.
Or it turns out your little bundle of joy is lactose intolerant and needs the pricy formula?
Or, I dont know, a pandemic hits?
And dont even get us started on pinworms, nursemaids elbow or hand, foot and mouth disease.
All of these medical events can add up to a lot of emergencies.
We have plenty of tips forstarting an emergency fund.
Set Up Automatic Payments
Baby brain is so real.
If youre using a credit card to pay for baby gear, consider switching to abiweekly paymentschedule.
Youll avoid accruing additional interest and make a bigger dent in your overall debt.
Your kid wont remember any of it.
None of them should send you into a financial tailspin.
So whether its a holiday or just her 6-month birthday (thats a thing?
), heres how toavoid going into debt for major life events.
Tiffany Wendeln Connors is a staff writer/editor at The Penny Hoarder.
Readher bio and other work here, then catch her on Twitter @TiffanyWendeln.
When you log into your bank account, how do your savings look?
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
