7 Money Steps to Take Before 2021

With the end of the year rapidly approaching, it’s a good time to take stock of your financial situation as you head into 2021. 2020 has been a strange year, and a difficult year for many people. With many people’s health and/or economic livelihoods affected by COVID-19, many people’s situation looks very different than it did back in January. As we head into a new year, here are a few things that you can do to improve your finances before the end of 2020.

#1 Put at least $1000 into an emergency fund

If you don’t have an emergency fund set up to handle unexpected expenses, that is a good first step to putting yourself on a solid financial footing. $1000 may not be enough to handle every possible thing that could go wrong, but it can be enough to handle your car breaking down or an unexpected home expense. If you don’t have at least a minimal emergency fund in place, make a plan for how you can start one before the end of the year.

#2 Fully fund your retirement accounts

401k, IRAs, and other retirement accounts have an annual contribution limit that caps the amount that you’re able to contribute each year. Before the end of the year, set aside some time to go through each of your accounts that have an annual contribution limit. Decide for which of those accounts it makes sense to fund before the end of the year.

#3 Consider donating to charity

With the increased standard deduction available in recent tax years, not as many people itemize their deductions. But if you do itemize your deductions, then remember that your charitable contribution may be tax-deductible. If you make that charitable contribution before the end of the year, you may be able to deduct it in this tax year — otherwise, you’ll have to wait an entire year before you’re able to deduct it.

READ MORE: 5 Best Credit Cards When You Make Charitable Donations

If you’ve already made charitable contributions in 2020, make sure that you have them documented and ready to include on your tax return.

#4 Make sure you have a financial security plan in place

Still, using the same username and password on every internet site? It may be time to get a financial security plan in place. With data breaches always a possibility now’s as good a time as any to take some steps to minimize your risk in case of a data breach or a hacker accessing your financial information. One thing that you can do before the end of the year is to set up a password manager to put some variety into your passwords. Another thing is to set up two-factor authentication (2FA) on your important financial accounts.

#5 Review your credit report

Each year you are entitled to a free three-bureau credit report once a year from annualcreditreport.com, and the end of the year can be a good time to do that. If you already have a Mint account, you have access to your credit score at any time, but reviewing your actual credit report can make a big difference to your credit report. Between 10 and 21 percent of people have errors on their credit report, and clearing up incorrect or inaccurate information can raise your credit score.

#6 Use up any money in your FSA

Flexible spending accounts can be a great way to save money on health expenses. An FSA is typically set up through your employer and allows you to make pre-tax contributions. Any money that you contribute to your FSA is not subject to tax, and you can use that money to get reimbursed for many different types of health expenses. The only downside is that most FSA plans are use-it or lose-it plans. So any money that is left in the FSA at the end of the year is forfeited. Check the details of your plan, and make sure that you use all the money in your FSA before the end of the year.

#7 Set your financial goals for 2021

Finally, the end of the year can be a great time to set up your financial goals for 2021. You don’t have to wait until January to start up a new resolution. Meet and talk with your spouse, family, or trusted friends and advisors. Decide where you want to be in one year, in five years and beyond, and start taking the steps to get yourself there.

The post 7 Money Steps to Take Before 2021 appeared first on MintLife Blog.

Source: mint.intuit.com

From Bankruptcy to Paying $22,000 Cash for a Car

The post From Bankruptcy to Paying $22,000 Cash for a Car appeared first on Penny Pinchin' Mom.

rebounding from bankruptcy

I was recently a guest on the Masters of Money podcast.  One of the statements Phil made was “Wait a minute.  How does one go from declaring bankruptcy to paying $22,000 cash for a car?”

I had never really looked at my journey in that way.  But, when I thought about it, I realized –  “Dang!  That really is pretty awesome.”  And, what is even more interesting is how my bankruptcy was the catalyst for bringing me to the place I am today.


WHERE IT ALL BEGAN

When I was in my 20s, I was in a relationship. To be totally honest, it was destined to fail.  We were just really too different and so it was never going to work out.  However, being young, naive and in love, I was doing all I could to make it work.

For me, that meant buying things to make him happy.  But, truth be told, I was really spending money to make myself happy.  I loved money because it made me feel good.  I adored all it offered to me.

Sadly (and like so many others), it lead me down the path of financial ruin.  Well, not the money itself.  My attitude did.

I had such an adoration of money, and what I thought it was doing for me, that I misused it. I allowed it to take control of my life to try to fill some of the emptiness I was experiencing.

In December 2001, that relationship came to an end.  When it happened, I was devastated. It was a mix of sadness because it was over but honestly, more fear of me being able to support myself alone financially.

I had built up a lot of debt with him. While it was joint debt, we were not married. We both knew that we could not make ends meet alone and that we also needed to find a way to put this all behind us.  So, bankruptcy it was.

That following August, we met in Wichita, Kansas before the bankruptcy judge and it became official. I was bankrupt.

 

REBOUNDING FROM BANKRUPTCY

Fortunately for me, a few months after that relationship ended, I had moved to a new city and met the man I would eventually marry.  In fact, he proposed to me just a week after I declared bankruptcy.  Talk about a keeper!  😉

When I met my husband, I learned a lot about myself and what real love was like. I began to understand that it wasn’t in the things I gave him or he to me, but in the moments we shared. For the first time in my life, I experienced true love and joy.

He was the change I needed.

We married in June 2003 and knew that we wanted to start our family as soon as possible.  One thing we both agreed upon was that we wanted for me to quit my job and stay home with our children.  It was important for both of us that one of us was there to raise them.  We knew it would be a financial challenge, but one we felt we could overcome together.

In September 2004, our first daughter was born.  That was the same day I officially quit my job.

 

HERE COMES THE DEBT (AGAIN)

Once I was staying home with our little girl, our finances changed.  They had to. We could not spend as much money dining out and in other ways as we once did.  We both knew that.   However, we also had purchased a new home and there were things we needed wanted.

A few months before she was born, my husband purchased a pickup.  One month after Emma arrived, we went out and bought a brand new minivan.

Between the vehicles and a home equity loan to buy things for our house, we had accumulated quite a bit of debt.  We just kept juggling the bills and trying to balance it all – and not very successfully.

I started working part-time from home a few hours a week. That meant I was able to be here to take care of my baby, and was also able to bring in a little bit of cash.  It was difficult to do, but I knew we needed the money, so I kept at it.

Our son followed in March 2007.  There was no way I could still try to work the hours they needed for me to, and raise two kids. My kids mattered more.

So, I quit.

We continued getting by.  There were times when we robbed Peter to pay Paul.  We were making it, but not in the way we wanted to.

Then, one evening, my husband told me to go out to dinner with my friends.  Little did I know what would happen next.

 

THE DINNER THAT CHANGED IT ALL

After an evening of dinner and drinks with my girl friends, it was time to pay.  Most of us pulled out a credit or debit card to pay.  However, my son’s Godmother, Kathy, reached into her purse and pulled out an envelope.

I asked her what that was about, as I’d never seen such a thing before.  She explained how they were using cash for everything instead of plastic because they were trying to get out of debt.

That intrigued me, so I asked her more questions.  She told me how she and her husband had recently started to follow Dave Ramsey.  They were able to create a budget and a plan that was helping dig them out of debt.  She filled us in on some of the program and what they were doing.  That left me wanting to learn more.

When I walked through the door that evening, I sat down and started sharing all of this with my husband.  We knew that our friends did not make much more than we did, so we thought “if they can do it – so can we.”

I grabbed my computer and we started researching this Dave Ramsey.  We had no clue who he was or what he taught. The more we read, the more we were inspired to follow his plan.  We pulled out the debit card and made our purchase.  Nope.  We didn’t even sleep on it.

 

HOW WE CREATED OUR DEBT FREE PLAN

Once the Dave Ramsey books and materials arrived in the mail, we were like two kids on Christmas morning. We tore open the box and could not wait until our kids were in bed that night…..so we could read!!!

Within the week, we had started our plan.  Luckily, we had around $2,000 in the bank, so our emergency fund was already taken care of. We created a budget and a debt snowball plan and were ready to attack.

I was looking at the numbers and our plan and it hit me. I was in debt again.  However, this time, I felt as if I had brought my husband along with me.  I felt horrible that I was back in this situation.

Yes, this time around the spending was not for the same reasons as before, but it had happened. Were we going to get out of debt and just do this all over again in a few years? Why would it be different this time? Did I really learn from my past mistakes?

I started giving this a lot of thought and realized that even though the bankruptcy was behind me, my money attitude was still the same.

 

MY (MUCH NEEDED) ATTITUDE CHANGE

When I looked at the money we had spent, I realized that it was because I enjoyed spending it.  It wasn’t because I was trying to replace an emptiness in my life. Heck! I was happier than I had been my entire life.  But yet, here I was, still building debt, buying things I did not really need.

I had to do a lot of self-analysis. It began with me asking myself one simple question:

“What do you feel when you think about money?”

For me, it was simple. I loved it. I loved how I could use it to get things I wanted.  And, not having had much money growing up, I thought I worked hard for this, so I will spend it as see fit.

When I said that out loud to myself, I knew it was not healthy. Money is not here just to get the things I want.  Sure, it is fun to buy items, but those things were never making me happy.  My husband and children were doing that for me.

I took another look at the debt and knew that the money had purchased things.  Those things were replaceable and if I lost them all tomorrow, I’d be OK.  However, my family wasn’t.  There was nothing in this world that could or would ever replace them.  Ever.

In that moment I made the decision that I was no longer going to love money.  I was going to love my family – and myself – more.

For me, it meant changing my entire attitude.  Once that happened, it all started to fall into place.

 

THE PLAN WE USED – THAT WORKED!

As I mentioned above, we read the Dave Ramsey plan.  While we followed most of what he said, we also had to do some of our own research and come up with our own ways to do things.

For my husband, it meant selling some of the guns he owns (he is an avid hunter).  I sold furniture and other items that were taking up space in the basement.  We had garage sales.  Any money we made from these ventures went to our debt.

I started researching and finding ways to save more money at the grocery store.  And, as a result of my findings, some of my on-line friends encouraged me to start a blog.  (And, we all know where that lead now, don’t we.  😉 ).

Through it all, we did it.

On February 10, 2010, we made the final payment on our mini van.  We had done it.  We had become debt free.

 

THE CASH CAR

Once we were out of debt, we were able to start saving money.  It felt amazing to be able to keep more of what we earned and not have to hand it over to everyone else.

My husband and I knew that we would eventually need to replace our mini van. We started paying ourselves monthly payments – instead of a car company.  We built up that savings for many, many years.

When we had enough built up to pay cash for a car, we did not do it.  Even though we had the money to pay for it, we did not really need a new car.  That was a want.

So, we saved even more and researched and waited until the right car came along.  And, it did.  More than 2 years after we had enough money to pay for the car we wanted, we made the purchase.

There is nothing like sitting down at the dealership and writing a check for a vehicle.  There is no worry about how to fit the payment into our budget. The car is ours.  We were able to drive it home and just enjoy it.

The hard work had paid off.

 

YOU CAN TO IT TOO – I PROMISE

During our journey, I found my calling.  It was to help others, just like you, do the same thing we did.  This blog is how I do that.

I have shared many stories, tips and ideas to help you and your family save money over the years. I know some of you have been able to follow my articles and get started on your own debt free journey.

However, reading a few articles here and there can be difficult to follow. My husband and I did that ourselves.  Yes, it worked for us, but we both kept wishing we could follow a plan that would not just give us a few tools on how to do things, but really be there.

Someone who would hold our hand when we were scared. That we would have others to lean for advice.  We wished that we could celebrate our victories with others who really understood and can relate.

That led me to where I am today.  This blog.  This chance to really help others.  And, in those continuing efforts, The Financial Reboot Course was born.

 

CHANGE YOUR ATTITUDE – CHANGE YOUR LIFE

For me, the one change I needed to make was my money attitude.  I did not do that the first time around and I ended up making some of the same mistakes. History was repeating itself.

Once you can do the same thing, and really understand the root of how you feel about money, then – and only then – can you start to overhaul your finances.  If you don’t change the way you handle money, you will be destined to make the same mistakes over and over again.

I want to guide you on your own financial journey. I want you to be successful. I want you to be able to shout it from the rooftops — I’M DEBT FREE!!!!

Let me help you make the change you need at this moment in your life.  Kick start your own Financial Reboot, and leave the past in the past.

 

The post From Bankruptcy to Paying $22,000 Cash for a Car appeared first on Penny Pinchin' Mom.

Source: pennypinchinmom.com

Financial Lessons Learned During the Pandemic

2020 has shaped all of us in some way or another financially. Whether it is being reminded of the importance of living within our means or saving for a rainy day, these positive financial habits and lessons are timeless and ones we can take into the new year. 

While everyone is on a very unique financial journey, we can still learn from each other. As we wrap up this year, it’s important to reflect on some of these positive financial habits and lessons and take the ones we need into 2021. Here are some of the top financial lessons:

Living Within Your Means

It’s been said for years, centuries even, that one should live within one’s means. Well, I think a lot of people were reminded of this financial principle given the year we’ve had. Living within your means is another way of saying don’t spend more than you earn. I would take it one step further to say, set up your financial budget so you pay yourself first. Then only spend what is leftover on all the fun or variable items.

Setting up your budget in the Mint app or updating your budget in Mint to reflect the changes in your income or expenses is a great activity to do before the year ends. Follow the 50/20/30 rule of thumb and ask yourself these questions:

  • Are you spending more than you earn?
  • Are there fixed bills you can reduce so you can save more for your financial goals? 
  • Can you reduce your variable spending and save that money instead?

The idea is to find a balance that allows you to pay for your fixed bills, save automatically every month and then only spend what is left over. If you don’t have the money, then you cannot use debt to buy something. This is a great way to get back in touch with reality and also appreciate your money more. 

Have a Cash Cushion

Having a cash cushion gives you peace of mind since you know that if anything unexpected comes up, which of course always happens in life, you have money that is easy to liquidate to pay for it versus paying it with debt or taking from long-term investments. Having an adequate cash cushion this year offered some people a huge sigh of relief when they lost their job or perhaps had reduced income for a few months. With a cash cushion or rainy day fund, they were still able to cover their bills with their savings.

Many people are making it their 2021 goal to build, replenish, or maintain their cash cushion.  Typically, you want a cash cushion of about 3- 6 months of your core expenses. Your cash cushion is usually held in a high-yield saving account that you can access immediately if needed. However, you want to think of it almost as out of sight out of mind so it’s really there for bigger emergencies or opportunities that come up.

Asset Allocation 

Having the right asset allocation and understanding your risk tolerance and timeframe of your investments is always important. With a lot of uncertainty and volatility in the stock market this year, more and more people are paying attention to their portfolio allocation and learning what that really means when it comes to risk and returns. Learning more about which investments you actually hold within your 401(k) or IRA is always important. I think the lesson this year reminded everybody that it’s your money and it’s up to you to know.

Even if you have an investment manager helping you, you still need to understand how your portfolio is allocated and what that means in terms of risk and what you can expect in portfolio volatility (ups and downs) versus the overall stock market. A lot of people watch the news and hear the stock market is going up or down, but fail to realize that may not be how your portfolio is actually performing. So get clear. Make sure that your portfolio matches your long term goal of retirement and risk tolerance and don’t make any irrational short term decisions with your long-term money based on the stock market volatility or what the news and media are showcasing.

Right Insurance Coverage

We have all been reminded of the importance of health this year. Our own health and the health of our loved ones should be a top priority. It’s also an extremely important part of financial success over time. It is said, insurance is the glue that can hold everything together in your financial life if something catastrophic happens. Insurances such as health, auto, home, disability, life, long-term care, business, etc. are really important but having the right insurance policy and coverage in place for each is the most important part.

Take time and review all the insurance coverage you have and make sure it is up to date and still accurate given your life circumstances and wishes. Sometimes you may have a life insurance policy in place for years but fail to realize there is now a better product in the marketplace with more coverage or better terms. With any insurance, it is wise to never cancel a policy before you a full review and new policy to replace it already in place. The last thing you want is to be uninsured. Make sure you also have an adequate estate plan whether it’s a trust or will that showcases your wishes very clearly. This way, you can communicate that with your trust/will executor’s, beneficiaries, family members, etc. so they are clear on everything as well. 

Financial lessons will always be there. Year after year, life throws us challenges and successes to remind us of what is most important. Take time, reflect, and get a game plan in place for 2021 that takes everything you have learned up until now into account. This will help you set the tone for an abundant and thriving new financial year. 

The post Financial Lessons Learned During the Pandemic appeared first on MintLife Blog.

Source: mint.intuit.com

Mvelopes Review: Digitize the Cash Envelope Method With This App

Although there is no free version of Mvelopes, you can sign up for a 30-day free trial of Mvelopes Premier — the app’s most popular option — to test out the service with no financial commitment.
One disadvantage of this app, however, is that it’s not free, like the budgeting apps Mint or Clarity Money. Also, if you’re looking for a tool that tracks more aspects of your financial life, such as your net worth and where you stand with your investments, you might want to consider an app like Personal Capital.
This was originally published on The Penny Hoarder, which helps millions of readers worldwide earn and save money by sharing unique job opportunities, personal stories, freebies and more. The Inc. 5000 ranked The Penny Hoarder as the fastest-growing private media company in the U.S. in 2017.
Mvelopes is a budgeting app from Finicity, a fintech company owned by Mastercard. It’s based on the cash envelope system, so all of the categories you set up in your budget are essentially your digital envelopes.
Mvelopes can sync with over 16,000 financial institutions, so most users can track their spending with minimal effort. Keeping your spending in check means you can free up more money to go toward saving or debt.
The Mvelopes Learning Center has online video lessons on topics like mastering your spending, creating an emergency fund, insuring your future, home buying and how to have stress-free holidays. With the Debt Reduction Center, you get support to create a tailor-made debt payoff plan.

What Is Mvelopes?

The Mvelopes app is a great option for fans of the cash envelope method who are looking to digitize their money management.
It is also a good choice for people looking to nix overspending, because the app keeps you up-to-date with how much funds you have left to spend in each budget category.
Mvelopes offers three tiers of service. Mvelopes Basic costs .97 per month or per year and lets you set up your budget by syncing to all your financial accounts. The next step up is Mvelopes Premier, which costs .97 per month or per year and includes access to the Mvelopes Learning Center and Debt Reduction Center.

Pro Tip
In this Mvelopes review, we’ll explain how this app works to help you keep your spending in check.

How to Get Started with Mvelopes

Fortunately, there are ways to adapt the cash envelope budget for cashless shoppers. One of the solutions is to use a budgeting app, like Mvelopes.
New to cash envelope budgeting? Here’s how the cash envelope system works.
Source: thepennyhoarder.com
According to the company, Mvelopes has helped users save an average of ,175 and pay off an average of ,425 of debt.
The app’s top tier of service is Mvelopes Plus. This plan connects you with a real-live personal finance trainer for one-on-one virtual sessions four times a year. You’ll also get higher priority customer service support. Mvelopes Plus costs .97 a month or 9 a year.

The Pros and Cons of Mvelopes

Once you assign the transaction to its appropriate envelope, you’ll automatically see how much money you have left to spend in that category. And if you do happen to use cash for something, you can manually enter that info in the app.
You can download the Mvelopes app for your Apple or Android mobile device — or you can create an account and manage your money straight from your computer.
By signing up for the free 30-day trial, you’ll have a month to decide whether Mvelopes is the right choice for you.

Still looking for the perfect app? Here’s our roundup of the best expense tracking apps. 

Who Is Mvelopes For?

There’s one significant flaw in this budgeting method though: What if you don’t shop with cash? Many people opt for online shopping or use a debit or credit card rather than dollars and coins.
Mvelopes syncs to your financial accounts, so whenever you pay a bill, shop online or swipe your debit card, that transaction shows up in the app. The app uses bank-level encryption to keep your information safe.
Additionally, Mvelopes can help you boost your personal finance knowledge via online courses or pay down debt with a tailored payoff plan.
Nicole Dow is a senior writer at The Penny Hoarder.

Feeling overwhelmed? Create a budget that works for you with our budgeting bootcamp!

The cash envelope budgeting method can be a very effective way to control your spending.
The premise is simple. You come up with spending limits for your variable expenses, like groceries, eating out or entertainment. Next, you fill up envelopes with cash to match what you’ve budgeted for each category.
As you shop throughout the month, you can only spend the amount of money in your envelopes. Once you’ve run out of cash, you’ve got to freeze spending until it’s time to fill the envelopes again.

Affording a Second Child: How to Make Your Budget Work

Having kids is anything but cheap. According to the USDA, families can expect to spend an average of $233,610 raising a child born in 2015 through age 17—and that’s not including the cost of college. The cost of raising a child has also increased since your parents were budgeting for kids. Between 2000 and 2010, for example, the cost of having children increased by 40 percent.

If you’ve had your first child, you understand—from diapers to day care to future extracurricular activities, you know how it all adds up. You’ve already learned how to adjust your budget for baby number one. How hard can it be repeating the process a second time?

While you may feel like a parenting pro, overlooking tips to prepare financially for a second child could be bad news for your bank account. Fortunately, affording a second child is more than doable with the right planning.

If your family is about to expand, consider these budgeting tips for a second child:

1. Think twice about upsizing

When asking yourself, “Can I afford to have a second child?”, consider whether your current home and car can accommodate your growing family.

Think twice about upsizing your car or house if you're concerned about affording a second child.

Kimberly Palmer, personal finance expert at NerdWallet, says sharing bedrooms can be a major money-saver if you’re considering tips to prepare financially for a second child. Sharing might not be an option, however, if a second child would make an already small space feel even more cramped. Running the numbers through a mortgage affordability calculator can give you an idea of how much a bigger home might cost.

Swapping your current car out for something larger may also be on your mind if traveling with kids means doubling up on car seats and stowing a stroller and diaper bag onboard. But upgrading could mean adding an expensive car payment into your budget.

“Parents should first decide how much they can afford to spend on a car,” Palmer says.

Buying used can help stretch your budget when you’re trying to afford a second child—but don’t cut corners on cost if it means sacrificing the safety features you want.

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Families can expect to spend an average of $233,610 raising a child born in 2015 through age 17—and that’s not including the cost of college.

– USDA

2. Be frugal about baby gear

It’s tempting to go out and buy all-new items for a second baby, but you may want to resist the urge. Palmer’s tips to prepare financially for a second child include reusing as much as you can from your first child. That might include clothes, furniture, blankets and toys.

Being frugal with family expenses can even extend past your own closet.

“If you live in a neighborhood with many children, you’ll often find other families giving away gently used items for free,” Palmer says. You may also want to scope out consignment shops and thrift stores for baby items, as well as online marketplaces and community forums. But similar to buying a used car, keep safety first when you’re using this budgeting tip for a second child.

“It’s important to check for recalls on items like strollers and cribs,” Palmer says. “You also want to make sure you have an up-to-date car seat that hasn’t been in any vehicle crashes.”

3. Weigh your childcare options

You may already realize how expensive day care can be for just one child, but that doesn’t mean affording a second child will be impossible.

A tip to prepare financially for a second child is to weigh your childcare options.

Michael Gerstman, chartered financial consultant and CEO of Gerstman Financial Group, LLC in Fort Lauderdale, Florida, says parents should think about the trade-off between both parents working if it means paying more for daycare. If one parent’s income is going solely toward childcare, for example, it could make more sense for that parent to stay at home.

Even if this budgeting tip for a second child is appealing, you’ll also want to think about whether taking time away from work to care for kids could make it difficult to get ahead later in your career, Palmer adds.

“If you stay home with your child, then you’re also potentially sacrificing future earnings,” she says.

4. Watch out for sneaky expenses

There are two major budgeting tips for a second child that can sometimes be overlooked: review grocery and utility costs.

If you’re buying formula or other grocery items for a newborn, that can quickly add to your grocery budget. That grocery budget may continue to grow as your second child does and transitions to solid food. Having a new baby could also mean bigger utility bills if you’re doing laundry more often or running more air conditioning or heat to accommodate your family spending more time indoors with the little one.

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Gerstman recommends using a budgeting app as a tip to prepare financially for a second child because it can help you plan and track your spending. If possible, start tracking expenses before the baby arrives. You can anticipate how these may change once you welcome home baby number two, especially since you’ve already seen how your expenses increased with your first child. Then, compare that estimate to what you’re actually spending after the baby is born to see what may be costing you more (or less) than you thought each month. You can then start reworking your budget to reflect your new reality and help you afford a second child.

5. Prioritize financial goals in your new budget

Most tips to prepare financially for a second child focus on spending, but don’t neglect creating line items for saving in your budget.

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“An emergency fund is essential for a family,” Palmer says. “You want to make sure you can cover your bills even in the event of a job loss or unexpected expense.”

Paying off debt and saving for retirement should also be on your radar. You might even be thinking about starting to save for your children’s college.

Try your best to keep your own future in mind alongside your children’s. While it feels natural to put your children’s needs first, remember that your needs are also your family’s—and taking care of your future means taking care of theirs, too.

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“Putting money aside when you’re expecting can help offset the sticker shock that comes with a new member of the family.”

– Kimberly Palmer, personal finance expert at NerdWallet

The key to affording a second child

Remember, the earlier you begin planning, the easier affording a second child can be.

“Putting money aside when you’re expecting can help offset the sticker shock that comes with a new member of the family,” Palmer says. Plus, the more you plan ahead, the more time you’ll have to create priceless memories with your growing family.

The post Affording a Second Child: How to Make Your Budget Work appeared first on Discover Bank – Banking Topics Blog.

Source: discover.com