Celebrate Life Moments
Ask a Mom: How new moms can save
Financial planning for the future—especially when money is tight—seems like an impossible thing to do. However, new moms have realized that every little bit helps, and it's completely possible to start saving right now.
Save cash gifts
When you start receiving monetary gifts for your child, consider saving the funds for the future rather than buying toys and other products.
"Before my son was born, my husband and I didn't really put aside money for his college fund," Nadia, one of the Parents moms, says. "However, when people give us money and say, 'Here's money for stuffed animals or a gift,' we actually put it in a 529 Account for college savings."
That money is a great starting point as you save up for your child's future. It may seem unbelievable to start thinking about college before your baby is even born, but staying ahead of the game will help give you peace of mind as your child continues to grow.
Small savings go a long way
A little savings along the way can add up to something big when you're budgeting. For example, couponing or shopping for the best deals is one of those "mom" things that most people don't consider doing before they have a baby.
"I really got into couponing, something my mom had done when I was a kid, and I thought 'Oh, that's just what my mom does,'" Mary, one of the Parents moms, explains. "But it's what a mom does."
Getting rid of smaller luxuries will allocate more funds for the baby, even when money is tight.
"There were a couple of little things that I used to do for myself that I don't really miss so much," Carla, one of the Parents moms, says. "But it's nice because I'm able to take that money that I'm saving and save it for the baby."
The financial golden rule
The financial golden rule is to simply start saving now. Even if it's just putting a few dollars away each month, finding a steady means of savings that works for your family is the best way to start your new life on the right note.
Maggie Dickman is a Chase News contributor. Her work has appeared on MORE.com, Track 7, and CLRVNT.