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Managing Your Finances While Planning for a Family

September 30, 2011

chicagoland real estatePlanning for a child can be a worrisome experience for any family regardless of financial stability. However, being prepared for a baby is possible. Even though creating a stable financial environment may be tough, a recent post on the FreeScore blog examines some of the ways that couples can plan ahead.

In “Create a Strong Financial Environment for Your Growing Family,” the credit experts at Freescore offer some advice for couples who want to be financially ready for a child.

One of the first things you should do is get a sense of your current finances. FreeScore.com can show you credit scores and reports from the three major bureaus – Experian, TransUnion and Equifax. You can see whether you have good or bad credit habits, as well as your available credit versus total credit.

You also need to develop a family budget. Research baby expenses (it’s estimated a baby costs around $10,000 in its first year) and determine how much extra income you’ll need each month. One of the hidden costs you have to account for is the potential lack of income from maternity or paternity leave.

Once you’ve come up with a budget, test it out. See whether it is practical, where you can trim and whether the budget is sustainable.

When developing the budget, you no doubt factored in expenses for clothing and accessories for the baby. However, you could save a lot of money by borrowing these items from friends and family. You can also cut down on costs by stockpiling food and diapers during sales.

Finally, prepare for the unexpected. Not only do babies bring about major life changes, but also unexpected financial emergencies. Signing up for the Power of 3 at FreeScore.com allows you to see all three of your credit scores and receive credit monitoring and alerts. Staying on top of your credit situation can give you peace of mind and the knowledge to deal with setbacks as they arise.

Categories: Economy, Featured

About The Author

Read All Stories By Mitch Levinson

Mitch Levinson is the author of “Internet Marketing: The Key to Increased New Home Sales” published by BuilderBooks. He is an Internet marketing expert with expertise in search engine optimization, website development, email marketing, social media and CRM consulting services. He is known for creating effective programs that can be tracked through analytics to prove effectiveness and ROI. Mitch is founder and president of MLC New Home Marketing and MLC FlatFee Realty, as well as managing partner of mRELEVANCE, LLC, a Marketing, Communication, Interactive agency with offices in Chicago and Atlanta. He currently leads the Chicago team. A Multi-Million Dollar Sales Producer who earned an MBA in Computer Information Systems and eCommerce, he brings a unique perspective and experience to the field of real estate communications. Mitch combines the two interests in order to help home builders and developers gain a competitive advantage through the Internet and technology. When he isn’t behind a computer, he enjoys participating in sports and coaching his kids’ teams. Mitch resides in Arlington Heights, Ill., a northwest suburb of Chicago, with his family, which includes two rambunctious labs. Visit my Google+ profile.

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