Financial Advice for Young Family Stage is part of Financial Tip Friday brought to you in partnership with 1st National Bank of Dennison.
Financial Tip Friday is brought to you in partnership with the 1st National Bank of Dennison.
Financial Advice for the Young Family Stage!
Sara and John sitting in a tree🌳,
K-I-S-S-I-N-G💋,
1st comes love❤,
then comes marriage💍💍,
then comes a mortgage💲 and a baby carriage👶!
Baby Stage Savings
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- Start daycare searching while in the last trimester of being pregnant!
- Begin budgeting process of how much a sitter/daycare/nanny/family member will cost.
- Allow family to purchase items for you!
- Accept hand-me-downs!
- Be specific in what your needs are.
- Think about programs like subscribe and save or buying in bulk.
- Open a college savings plan.
Kid Stage Savings
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- Open a Saving account at a bank for your kids
- Teach your children how to save money.
- Shop sales, garage sales, Re-sale stores.
- Less is more- cycle out your children’s toys so old toys seem new as you put them away each month and pull out new ones. This saves spending money on new toys constantly.
- Sell unused toys and clothes on digital marketplaces.
One may always feel young as time flashes by before their very eyes and soon the seven-pound baby is eating at least 7 lbs of bread a week.
Teen Savings
- Encourage your teen to work!
- Teach your teen how to balance a checkbook and all about credit cards.
- Consider helping them get started earning credit.
- Create a budget together.
- Show them how to use a financial calculator.
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