Financial tips for new parents – Get our quote in 2 minutes

Sunday, June 21 is Father's Day – and if you are a new parent, there are not only diapers and bottles to deal with, but also new requests for your wallet. In your pre-child life you may have scanned the ads for off-road bikes, now you are thinking about harnesses and strollers for children.What is really the best for your new little package and what should you focus on while reviewing your financial priorities? "Love and care in abundance are important," says Sarah Nicholson, who juggles as a mom of two guys busy with demanding work as commercial director of the personal finance website JustMoney.READ: Savings for the ; your child's education "As a member of the recently induced sleepless night club, you probably feel exhausted and disoriented by all the responsibilities and new needs of your time. You want to do what's best for your child, but choose what it is really necessary it can be difficult when you are bombarded with so many products and services. ”READ: The newlyweds' guide to managing finances A quick revelation of children's offers on a popular website revealed 144 travel accessories alone. It is no wonder that we get confused. "It is important to start planning and adopting new habits now, so that we are ready for future costs such as education," says Sarah. "A & # 39; adequate insurance will also ensure that if you or your partner fails to earn an income in the future, at least some of your child's needs will be met. "Counter debt: if you have used debt (like a credit card with high interest rates) to support a lifestyle you can't really afford, it's time to break free. On the other hand, a strategic investment like a home loan can be a positive move. Read the difference between good and bad debt here. Set goals that will help you ensure a healthy financial future for your family. Plan your monthly budget and determine how much you can save. After paying the debt and saving enough to cover about three months of living expenses, you can consider investing. Read an article on how to avoid common investment mistakes here. Cover yourself: insurance policies that deal with life-changing events such as disability, death and retirement provide security through a lump sum payment (e.g. in the event of a spouse's death) or long-term income, e.g. if you he is disabled and cannot earn a salary. Examples of long-term insurance policies include life insurance, funeral policies and old-age pensions. To get a life coverage quote, click here. Get the most out of medical care: If you are a member of a registered medical care program, your new baby should receive immediate coverage. Check your plan to see if there are any special benefits for children, such as a dedicated baby program. The best medical plan for you and your baby will depend on the baby's needs and your budget. Read a comprehensive, easy-to-understand guide to medical aid here. Plan education: Many parents choose a dedicated education plan to save for high school or tertiary school fees. Keep in mind that education involves more than school fees: you will also need to consider sports outings, gifts for friends' birthday parties, post-transport assistance and transportation. For more information on various education options, such as a tax-free savings account, a trust fund or an endowment, read here. Article source: Meropa Communications