Whether you have a kid on the way or you’ve just had your firstborn, as a parent, you must have their priorities straight in terms of finances. Not knowing how to allocate your savings can be disruptive to your child’s upbringing and can cause problems later on. What if you didn’t save for an emergency fund and the child needed to be hospitalized after falling ill? What if they need a special type of milk that’s more expensive? According to Milena Djankovic, parents need to know their current finances and strategize how the big change will affect them. Here are some of the top priorities new parents should focus on, finance-wise.
Mothers who are on their third kid are still surprised with new aspects of parenthood simply because the unexpected can still occur even after rigorous planning. This is why parents should allocate a portion of their monthly income toward an emergency fund. These funds may not necessarily be just for their babies alone. According to Milena Djankovic, this could be used as a buffer for potential unemployment, or perhaps forced relocation after a natural disaster.
Enrolling your child to a healthcare plan of his/her own is ideal for new parents. While kids can rely on healthcare policies covering family members like children, it’s still necessary for children to be insured on their own. According to Milena Djankovic Healthcare bills, today are no laughing matter as an emergency room visit can push a middle-class family to poverty, given how expensive everything is.
Parents should also take care of their own finances as they prepare for the future. And dealing with all their debts today rather than later can free up thousands of dollars in the long run. These debts could include credit card debts, auto loans, mortgages, and student loans. The faster parents are able to clear their debts, the more they can allocate toward funds that matter. This is why some parents take personal loans from family members. Not only does this help clear their debts faster, but they also don’t have to worry about late fees.
Parents can’t always afford to rely on their children being athletic or getting academic scholarships. And while community colleges are always available, every parent in the world wants their child to have better, if not the best, the education they can afford. Saving for college can help children tremendously. According to Milena Djankovic, not only will they get the opportunity to study and get a great education, but they are also freed from having to take on absurdly expensive student loans.
Through RockerMama and the Ready Rocker™, Milena Djankovic has helped other mothers bond with their children more as they continue to lead dynamic lives.