Having a baby brings excitement and joy — and a whole new set of money worries. How will you afford diapers and daycare? Soccer and swim lessons? And finally (yikes!) college?
Pitfalls abound, but so do opportunities to get your finances in order. With careful attention and a little discipline, you can start your family off strong financially and create a safety net for the years ahead.
Here are five money mistakes new parents make and how to avoid them.
1. Skimping on life insurance
Most young parents don’t have enough life insurance, says Johanna Fox Turner, a financial planner and owner of Milestones Financial Planning in Mayfield, Kentucky.
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