Matthew Davies Provides Financial Advice For New Parents

By: SMITH THOMPSON

Introduction

Matthew Davies knows that babies can be a wonderful addition to the family. The part that no one tells you is how much it is going to cost to raise them. It has been studied and they have found that from birth until they are 18 years old, it cost about $250 thousand dollars to raise a child. That is a lot of money. Well, we are going to provide you with some ways that you can save some money. It will not bring the price down to nothing, but it will help.

Budget

As with anything that you want in life, you have to make a budget for it. Granted this is not a new car, but you will still have to make a budget for it. You cannot go into the process thinking that you can spend anything that you want on the new child. There have to be some limits. This is the time that you need to set those limits. You will have to go through a long process as there are several different stages that the child goes through. When they first start out in this world, there is a lot of money that will go into the needs of the baby. We suggest that you have a large budget for that. As they get older, you will not have to spend as much. That is not to say that you will not be spending a lot of money on them, the things will just last longer. At first, they are growing so fast and you will not be able to go a few months without buying them something new. Later on, you will be able to go a year or two. At any rate, once you have set your budget, you need to stick to it.

Health Insurance

If you do not have health insurance, you are going to want to pick that up. You don’t want to wait until you are pregnant or have the baby because the insurance will not cover that. Additionally, you are going to want to have something already in place for when you have the baby. They will have a lot of things that you will need to go to the doctor. If you do not have insurance, that is all going to be out of pocket money.

Rainy Days

You never know when they are going to hit. Sometimes it comes at the most inopportune time in your life. Rest assured, the time when you cannot afford something is when you are going to need to pay a big bill. For that, we suggest that you have a rainy-day fund.

Conclusion

If there was only one piece of advice that Matthew Davies could give to you in regard to having a baby, it would be to plan for the unexpected. Make sure that you are making a budget and sticking to it. Get yourself some health insurance before it is too late. Always plan for rainy days. They happen too often with children, and you want to be ready for when it happens.

Back to Top