Having children is a thing of joy for expecting parents and entails physical, mental and financial planning. Preparation for children entails a lot of financial responsibilities from parents, so, it is necessary for such parents to consider many things.
A frank assessment of your finances at this point in time is crucial. Are you financially stable? Are you living from paycheck to paycheck? Are you seriously indebted? These are some of the questions to ask yourself. Many people may say that you do not need all the money in the world before having children. Yes that is true, but every parent who wants a good and comfortable life for their child should know that financial assessment is necessary.
Your spending habits should be assessed to see if you are in control of your spending habit or not. Do you spend on things at will or on things that are of necessity to you. If you are the type that is addicted to spending and spending, you may find it difficult providing for your child.
As an expecting parent your emergency fund should be intact as having children may warrant emergency situations. Nobody prays for evil but sometimes you may need urgent money to take your child to the hospital.
Education is the best legacy you can give your child rather than offering the child the best of toys that money can buy. It is necessary to invest in an education fund as soon as you are prepared to be a parent as education this days is very expensive. Many people will usually argue that “you don’t have to store money in a house before you can educate your child”. But having a start up plan will save you many troubles educating your child.
Budgeting is an exercise you cannot afford to distant yourself from. If you cannot draw out a budget, stick to it and adhere to it judiciously you will sure have problems meeting your child’s basic need.
A conducive home environment can never be over emphasized. When planning to have children ensure that you have a good home environment for you children with healthy facilities and enough space to enhance the physical and mental well being of your child.
As you plan for your children do not forget about your retirement plans. As your children are growing up, you are also growing into old age and am sure you will not want your child’s education to suffer because you want to take care of yourself in old age neither will you want to suffer in old age because you have to see your child through school.