The arrival of a baby can drastically change a family’s financial status. One parent could be a low, middle or high-income earner or not earning at all, but no matter what, both are now are expected to start paying for new expenditures thus putting strain on a budget. To most new parents, getting settled with a new baby only means concentrating on what makes the baby happy without really taking into consideration the mess they may be getting into with their bills. Financial issues are rarely discussed before the arrival of the baby and as such, numerous issues crop up.
This may result in most parents putting their family’s long term financial security at risk. Despite the fact that most new parents are prone to making financial mistakes, with prior planning and foresight, some can be avoided. Such financial mistakes include 20 we’ve listed here today: