Thanks for voting!The stork may have dropped off your new bundle, but it flew away with the “new daddy” instructions. We can’t help you change diapers but we can steer you in the right direction when it comes to getting the money part right. To start, we think these tips from Michael Rubin can set you on a sound fatherly financial path.
Being a new dad’s a huge deal and awesome responsibility, so congrats! And you’ve done the naming thing, baby proofed the house and braced yourself for the first of many impromptu “visits” from the family. Now comes the really hard part and that includes welcoming your new bundle of joy into your financial life. We know big changes in our lives can sometimes throw us off our regular path (especially when you’re sleep deprived). Our unsolicited advice (and trust us, you’ll get plenty of it) is to approach baby purchases like the Saver you are. Make financial planning for your baby as regular as his/her check-ups. You’ll be a father figure to Savers everywhere.
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I don’t think 3 tips covers it all but it surely encapsulates the main things to be focused. You need to worry about pre-school education which is getting expensive these days even you start out at the chruch schoo. Next comes the extra curricular activities like swim class, karate or martial arts and so forth. Last but not the least, don’t forgot gizmos. They are the most expensive these days.
As a father of 3 old son, I started out a savings account when he was in his mom’s womb. I changed it to 529 and COverdell plan after 1 years of testing my saving skill to shell out that money every month. I also put away some money for his preschools and other expenses after balancing my budget. The journey continues…