Aug 2 2017 37430 1

Dated: 08/02/2017

Views: 89

This information is brought to you by

Henry Sanz

Team H&L Miami at Real Estate Empire

5 Financial Tips for First-Time Parents




So a babe is on the way? Congrats! Along with the changes of, well, everything that is to come, your finances are soon to get an upheaval as well. According to recent statistics from the U.S. Department of Agriculture, it will cost upwards of $245,000 to raise a child born in 2013 to the age of 18 – and this does not include college. Feeling that bank account burn already? Below are 5 tips for rocking your budget as a new mom or dad.

  1. Tweak the budget. Your new little one is going to cost a pretty penny. From hospital costs to diapers and child care, budgetary stress is an added strain on you as a new mom or dad. Look for any un-necessaries you can slash to make room for more baby dollars. The more prepared you are, the better.

  2. Track your spending. Don’t just make that budget and set it aside. Set a monthly meeting with your spouse to look over your spending, make sure you’re on track, and identify any problem areas or potential saving pockets.

  3. Learn your tax credits. Being a parent has some advantages at tax time, so talk to your tax professional about the child tax credit, the earned-income tax credit (EITC), and the child and dependent-care credit, all of which can save you mad money come tax time.

  4. Automate, automate, automate. Not only can automation help you avoid bouncing bills, but by having money withdrawn from your account, you can pad up your savings, too. Figure out how much you can part with every month and automatically squirrel it away into an emergency savings account, a college savings account, or both.

  5. Set financial goals. While creating a budget and savings plan is great, setting goals for your family can help you stay on track. Looking to have a set amount in a college account by the time your kid hits 18? Do the math and decide how much you need to save monthly to hit it. Is an annual family vacation a must for connecting? Figure out how to stash some cash for that, and then make it happen. Don’t forget to be realistic (a tour of Europe with a two-year-old wouldn’t be that fun, anyway), and forgive yourself if it takes some time to get on track.


Looking for more helpful real estate tips? Contact me today!


Henry Sanz

Associate Realtor

Team H&L Miami at Real Estate Empire

10200 NW 25th Street, Suite A-100

Doral, Fl FL 33172

Office: (305) 592-1588

Mobile: (305) 345-2188

Send me a message

Real Estate Empireteamhlmiami.realestateempire.com

Blog author image

Team H and L Miami

Team H&L Miami @ Real Estate Empire Group is a fast growing boutique Real Estate firm established in 2001. It began to revolutionize property sales as well as marketing through brokers, agents, and an....

Latest Blog Posts

Aug 13 2018 37430 1

All About Comparative Market Analysis Reports Posted byTeam H&L Miami @Real Estate Empireon8/12/2018Comparative market analysis is a tool that helps sellers to know about how much their home is

Read More

Aug 6 2018 37430 1

Home Maintenance: 5 Quick Exterior FixesPosted on Jul 30 2018 - 2:12pm by Housecall 116 By Rachael Baihn It can be easy for the exterior of your home to look

Read More

Aug 4 2018 37430 1

9 Ways to Disaster-Proof Your Home Against Summer Storms Turns out a tidy yard and clean gutters do way more than just look nice. Image: Jodi Jacobson/Getty SHARE THIS Email This Pin This Tweet

Read More

Aug 3 2018 37430 1

Reduce the Time It Takes to Find Your Dream Home Posted byTeam H&L Miami @Real Estate Empireon7/30/2018For those who want to conduct a successful home search, it is important to plan ahead as much

Read More