Common Financial Mistakes First-Time Parents Make

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As a first-time parent, there’s a lot on your plate. You’re responsible for raising a tiny human into a smart, kind, and successful member of society. 

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To make sure you’re starting off on the right foot, here are common money mistakes first-time parents make and how to avoid them.

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1. Overspending On Baby Gear - It can feel like buying everything brand-new is the only option, but that can be costly. You might consider taking advantage of used or gifted items.

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2. Living Without A Safety Net - Now, having an emergency fund is even more important. You’re now responsible for all of their needs, and there may be unplanned costs.

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3. Avoiding A Budget - A new monthly budget can help prepare you for the extra expenses, like getting take-out meals or having your groceries delivered every week.

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4. Putting Off Saving For Retirement - Consider prioritizing retirement while helping and educating your child on smart practices for student loan borrowing.