EDITION
  • English
  • 中文
  • Bahasa
  • eCommerce
Monday, October 2, 2023
uLearnMoney Subscription Events
No Result
View All Result
Money Compass

EDITIONS:

Media and partner organizations:

cmc bmc ulearnmoney mylife mcm asncommerce mcm
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
Subscription Newsletter
Money Compass
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE
No Result
View All Result
中文 Bahasa eCommerce
Money Compass

Top 10 Financial Tips For Starting A Family

by moneycompass
October 5, 2018
in Financial Compass
Takaful plan lower-income
Share on FacebookShare on WhatsApp

Starting a family brings many responsibility. Among those responsibilities, finance is not an exception. It is better to plan our expenses when starting a family instead of living under an unending costs of a burgeoning family.

  1. Consider Baby Proofing Costs

It is better to plan the changes that a new family member might needed. Do you have a suitable car for your baby? Do you have a nursery in your home? Consider where you can spend extravagantly or if you can make do.

  1. Budget New Expenses

With a new mouth to feed, you need to figure out whether you are ready to spend some extra expenses. It is advised to budget for extra spending on items such as food, diapers, baby formula, clothes and also laundry detergents.

  1. Join A Warehouse Club

When it comes to buying stuff, it is better to buy in bulk. This can save money when properly planned. It is better to join a warehouse to buy diapers. On the other hand, you should not purchase or spend on goods that you have no need for or will not use.

  1. Review Health Insurance

Previously, your insurance may have been enough, but do you think it is enough for your new family as well? You need to review different insurance policies to understand your choices.

  1. Discuss Child-Care Options

The average family’s child-care costs are RM2500 per month. That being said, you have to figure out your options. Company day-care or discounts, a nanny, private day-care, a spouse at home or the help of a family member.

  1. Ask About Parental Leave

If one or both of the parents work, you should ensure that you know the number of paid and unpaid leaves you are afforded. Then, you need to plan for any loss of income and also increase saving early.

  1. Check Government Benefits

As a growing family, you need to talk to your financial advisor or accountant in matters related to government programs that are designed to reduce the costs of a growing family. Try to know more about tax and its awards such as the Department Care Tax Credit and pre-tax options like a flexible spending account.

  1. Update Family Documents

Since your family is growing, every time a new member joins you need to review your life insurance policies and retirement plans as well.

  1. Revise Long-Term Savings Goals

You need to think long-term savings for big costs down the road. Will you need a bigger house as long as your kids grow up? You also need to start saving for their college tuition fees to send them to a better school or college. That is why it is better to adjust saving goals early.

  1. Pay Down Debt

Financial advisors always advice to lower your debts. Before you expect a baby, you need to pay down credit card debts so you can start with a clean state when the baby arrives. Nevertheless, when a serious emergency happens, you will be well prepared to handle a necessary debt weight.russian tourist destinationsкоучинг здоровья

ShareSendShareSendTweetShare
Previous Post

Teaching Children to Save When the Culture Says Spend

Next Post

World Stocks Rebound After Worst Week in Two Years

Related Posts

7 Easy Ways to Save Money for a House Deposit
Financial Compass

7 Easy Ways to Save Money for a House Deposit

07 Nov 2022
Renminbi, Chinese Yuan, US Dollar, Currency,
Financial Compass

Can a Weaker Renminbi Rescue the World from an Inflation Crisis?

23 Sep 2022
recession,
Financial Compass

Why Recession Looms For The Developed World

06 Sep 2022

Discussion about this post

MOST POPULAR

  • 10 Ways to Curb Overspending

    10 Ways to Curb Overspending

    1 shares
    Share 0 Tweet 0
  • SWAG’s popular creator ladyyuan earns over US$70,000 in one month through her presence on the platform

    0 shares
    Share 0 Tweet 0
  • MYDIN MOHAMED HOLDINGS BERHAD

    3 shares
    Share 3 Tweet 0
  • Dongying’s State Grid Leads the Charge in Sustainable Energy, Setting New Standards in Hekou District’s Low-Carbon Evolution

    0 shares
    Share 0 Tweet 0
  • THE MESSIKA HIGH JEWELRY SHOW LIGHTS UP FASHION WEEK

    0 shares
    Share 0 Tweet 0

MEMBERSHIP SUBSCRIPTION

Subscribe Now

Sign Up for Our Free Newsletters

Stay up-to-date with the latest personal wealth-related articles, breaking financial market news, and more.

Follow us on Social Media

News
Special Feature
Compass
Money Tube
Smart Lifestyle
Corporate Profile
Advertise
Subscriptions
Career
Contact Us
eLearning
Events
Privacy Policy
Terms of Use
Strategic Partners

Copyright © . Money Compass. All Rights Reserved.

Design and Development by Ant Internet Sdn Bhd

No Result
View All Result
  • HOME
  • NEWS
    • Global Market News
    • Local Market News
    • Corporate News
    • PLC News
  • SPECIAL FEATURE
  • COMPASS
    • Financial
    • Investment
    • Start Up
    • Capital
    • Infographics & Quotes
  • MONEY TUBE
  • LIFESTYLE
  • PR NEWSWIRE

© 2020 Money Compass

Career

SUBSCRIBE FREE NEWSLETTER