5 Tips : How to Manage Finances as a New Parent?

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1. Create a Budget

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2. Avoid Impulse Purchase

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3. Plan for Childcare Cost

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4. Review Insurance Coverage

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5. Start Saving for Education

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5 Tips : How to Manage Finances as a New Parent?

1. Create a Budget

Consider expenses such as baby food, diapers, clothing and healthcare and factor them into your budget.

2. Avoid Impulse Purchase

It is very important to avoid impulse purchases and only buy only what is needed.

3. Plan for Childcare Cost

You can either decide to use a nearby daycare center or hire a nanny, it’s essential to plan for these costs ahead of time.

4. Review Insurance Coverage

Review your life insurance, accident insurance, and health insurance policies coverage amount to ensure that you have adequate coverage.

5. Start Saving for Education

By starting early, you can reap the advantage of compounding and potentially reduce the requirement for an education loan in the future.

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