TomorrowMakers ™

Financial tips for new fathers

16 June 2017
Your priorities shift from when you were a man to now when you become a dad. Here are the few things that prepare you for a perfect fatherhood.
 
 

As a new father, right now your only priority could be attending to your baby’s wellbeing and safety. In all this, it can be easy to lose sight of the bigger picture. But here are some simple ways you can ensure a bright future for your child without compromising on a safe and happy childhood. 

  

What you are doing: Splurging on expensive baby clothes  - Customized car seats, infant bathtubs, strollers, diaper bags, and cribs look extremely cute. But they are also expensive and they can only be used for a limited time.  

What you could be doing: Understand the difference between the items that your baby requires and those that aren’t. Buy only what is necessary, and opt for the more affordable options. You can also borrow some things to reduce expenses. The money you save, can instead be used for your baby’s vaccinations or on other medical expenses. It could also come in handy if you need to take a voluntary sabbatical.  

 

What you were doing: Planning your day around your baby’s schedule – You sleep when your baby sleeps, and simply try to keep up without getting exhausted 

 What you could be doing   Taking care of yourself as well. Remember to get enough rest, eat healthy and maintain an exercise routine. This will keep you energetic and in good shape, making it even easier to keep up with a new born.  

 

What you are doing: Spending money on a fancy nursery with the best in branded baby items, because you feel your baby should get the best. 

 What you could be doing:  Control your splurging, and consider putting away some of that money for your child’s education, especially higher studies for which costs are constantly increasingStarting this early will mean you don’t have to dip into your own retirement funds later. Here’s an easy and quick way to get started 

 

What you are doing – Planning your expenses and savings based on your old budget. Continue to do this and you could have problems in the future.  

What you could be doing – Rework your old budget; the numbers are bound to change after the arrival of your baby. From diapers to clothes to feeding supplies, caring for a baby involves more expenses. So, create a new budget that accurately tracks all your expenses and help you to identify more cost-saving opportunities. Here are some tips that can help you plan your finances better when you have a baby.

 

 

What you are doing Using your credit card for all purchases, or buying a new vehicle. It’s time to be more careful with how you spend money.  

What you could be doing  Avoid taking up unnecessary loans or incurring additional costs as it can drain your savings. Instead, consider putting the money into child insurance plans and health plans, which can ensure the financial security of your baby.

 

Prioritising your needs and wants is especially important at this stage of your life. Small changes to your lifestyle and simply adding a little caution and planning to your spending habits can ensure a happy and comfortable future for your child. That is, after all, what all father’s want.  

 

Disclaimer: This article is intended for general information purposes only and should not be construed as investment, insurance, tax or legal advice. You are encouraged to separately obtain independent advice when making decisions in these areas.

 
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