Even before we were married, my now husband and I knew we were going to want to expand our family. Shortly after our wedding, we started discussing the whole family process and things like whether or not I would stay at home, how we would budget, how we would handle family savings and finances, plus things along that line.
I had a ton experience with infants from working as an Early Childhood Educator but there were still many questions I had pertaining to the whole birthing process, family planning and our finances. Like a lot of people looking to grow their family, I did a lot of searching on Google for answers to questions I had. Some of the things I probably searched include:
- Will my insurance cover the cost of childbirth?
- Will my insurance cover a breast pump?
- What kind of baby gear do I need?
- What size diapers should I purchase?
- What size clothing should I get my baby?
- What kind of savings plans are there for babies?
- College savings plan for baby
- How to adjust to one household income
- How to budget for a baby?
- Financial tips for having a baby
I suppose the best piece of financial planning advice we received was to start and stick to a budget. We first cut down on unnecessary spending by making some lifestyle adjustments. For example, My husband and I brought our lunches to work instead of buying. That helped us save quite a bit and prepared us for when I would start staying home with our little one!
Budgeting gives us better control of our spending and allows us to focus on our financial goals. It also gives us the opportunity to save and set aside money for emergencies and non-emergencies like investing in our children’s futures (i.e. college, etc).
My sunny day came when my daughter, E, arrived on April 4, 2011. Not only we overjoyed that our baby girl was finally here, We were feeling confident and at ease in our financial choices that we had made for our growing family.
With all the planning that went in with having E, It made the process for our second child, Aric, so much easier over three years later and financially stronger.
If you’re looking to save for baby or just looking for a financial plan for your family, SunTrust Bank has the tools and resources to help you achieve your sunny day!
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How did you plan (or are planning) to grow your family?
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This is a sponsored conversation written by me on behalf of SunTrust Bank. The opinions and text are all mine.