New Dads Should Prepare Financially for New Additions to Family
Wednesday, June 16, 2021
SEATTLE - Father's Day is approaching and, for new dads, some financial tips can help set their families up for success.
First, revising household budgets and cutting out unnecessary expenses are crucial. Jordan Beyer, grassroots advocacy manager for the Northwest Credit Union Association, became a father two weeks ago. He said he and his spouse are saving cash by smarter meal planning to reduce food waste.
"One of the things we did is that, for clothes, we bought some new clothes but we also went and looked at some of the secondhand stores," he said. "And often, we'd find brand new baby clothes that still had the tag on them, for significantly less cost. And so, that was a way for us to also save some funds."
Beyer also advised people to rethink their subscriptions, such as streaming services, and cancel whatever they don't use much. The Northwest Credit Union Association has suggested that new parents consider investing in life and disability insurance, automate their monthly bills and build an emergency fund that can cover six to 12 months of living expenses.
Beyer says it's important to plan for the future as well, and recognize that plans might change. Financial-planning services at a local financial institution can help with this. He said parents also shouldn't wait to save for higher education.
"College expenses, there's no doubt, have increased dramatically year over year," he said. "And so, having a plan and putting away a few extra bucks here and there, and I think the most important thing is to get started now, with what you have."
There might be a lot to consider with a newborn at home - and for new parents, Beyer acknowledged it can be hard just keeping up on sleep. But he knows all the hard work and long hours are worth it.
"It's a new experience for us," he said, "and all of the stressors melt away when you look at him."
Disclosure: Northwest Credit Union Association contributes to our fund for reporting on Community Issues and Volunteering, Consumer Issues, Housing/Homelessness, Livable Wages/Working Families. If you would like to help support news in the public interest, click here.
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