Tips to Prepare for Being a Parent Today
Being a parent is one of life’s most profound joys. Though any parent worth their salt will agree that it can also be the most unnerving label to wear. No matter who you are, being responsible for raising and shaping a child’s future is a herculean task.
From getting a baby monitor in Singapore, you can invest smartly and secure for your child’s future. Here are four simple tips that can help aspiring and existing parents alike plan their finances. The best part is these steps aren’t nearly half as complicated as you may expect them to be.
Set up an emergency fund
If the year 2020 has made a case for anything, it’s the phrase “Life is unpredictable”. That is why it’s crucial for us as parents to have an emergency fund set up for all of life’s surprises. It is usually the equivalent of 6-12 months worth of living expenses depending on the number of dependents you have. You can invest this money in a liquid mutual fund that offers you higher interest rates and the freedom to withdraw when you need it.
Protect your family
We all know about insurance. There are enough advertisements out there tugging at our emotional strings and begging us to get insured. Despite this we don’t always buy insurance – it’s just something we think we’ll get to “later”. Well, this is one situation in which sooner is better than later. Protect yourself and your children.
Save for upcoming expenses
Raising children is perhaps more expensive than it’s ever been before. Everything from baby toys to school books and uniforms costs a liver and an arm. You can estimate the amount of money you will need for both short-term and medium-term expenses. For example, instead of shopping, you can buy baby clothes online in Singapore. This way you can save up costs.
Invest in long-term expenses
The last and possibly what you’ll need to set aside a sizable chunk of money for are your long-term expenses. You need to start early here to let compound interest do its magic. This includes things, starting from your child’s baby swaddlers to his/her college education or even wedding celebrations.
Parents do everything and anything for their kids, if you need a quality baby cot in Singapore, visit our website to find what you need today.
