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