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Financial Mistakes You Shouldn’t Make When You Have Young Children

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Avoid these seven common financial mistakes that families make all the time. Knowledge is power and you can learn from the savings mistakes made by others.

 

Financial Mistakes You Shouldn’t Make When You Have Young Children

by Josh Wilson | Personal Finance Blogger

 

Becoming a parent for the first time is an exciting — and overwhelming — time. The practical aspects of preparing for a new addition can be daunting.

This is particularly true when you combine the emotional ups and downs of saying goodbye to one chapter of your life with the advent of an entirely new chapter. In the process, many new parents forget a crucial aspect of preparing for their little ones: financial planning.

While it may not seem like an obvious item on the new to-do list, having a game plan for your money is critical to ensure that you stay on track with your financial goals. Read on to learn more about how you can avoid some common financial mistakes that many new parents make when they welcome a child into their family.

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A Guide to Personal Finance for Young Families

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Check out this guide to personal finance for young families. You will find out how to create a quick and easy financial plan for your family. Includes tips on coordinating family meetings to create a quick & easy budget, the best savings apps, saving for college, and more. Great tips & tricks for frugal living when you are just starting out after an expensive wedding, buying your first home or having a baby.

A Guide to Personal Finance for Young Families

by Jacob Evans | Personal Finance Blogger

 

When you find that special someone you love, you can get caught up in having a wedding, buying a house, or even having children, and your finances can get pushed way down on your priority list. This can really hurt your family in the long run, though.

 

While personal finance is important for everyone, it’s an especially important part of starting a family. You need to make sure you’re thinking about everyone’s needs in the short term with a budget but also in the long term by putting some money in savings.

 

Don’t be afraid to talk finances.

The most important thing when it comes to managing finances as a family is to maintain open communication about money. A lot of people just have anxiety around money. Money makes them feel nervous or ashamed.  But it really is the first step to getting on the right foot as a family.

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