Pregnant? Here Are 3 Expensive Things That Are Worth the Investment
Being frugal is not exactly the same as pinching pennies. There is a subtle difference between being frugal and being cheap. Being frugal can save you money and help you save up for the things that are truly important. Being cheap is just refusing to make sensible purchases for no better reason than to hoard as much money as possible. Some of the wealthiest people in the world are the cheapest of cheapskates. Don’t be cheap.
Part of being financially responsible is knowing when and on what to invest. You already know that a baby is a huge, financial responsibility. If you don’t have excellent health insurance, the medical bills will represent one of the biggest of big ticket items you will have encountered at that stage of life. As your baby grows your expenses mount.
Little boys and girls go through clothes faster than you thought possible. As they become more active, the grocery bill becomes downright frightening. Piano lessons, dance club, sports, band: they all come at a cost. And the cost gets higher every year. Before all that, there are other investments to be considered. They are expensive, but worth it. Here are three:
A New House
There are lots of reasons your current house might not be right for the new addition to your family. If you have been living in a small apartment, it might be too small to accommodate the nursery. If your old house has mold that has not been abated, you will want someplace safer for you baby. The neighborhood you currently live in might be great for young singles, but not such a great place to raise a baby.
Whatever the reason, you are going to want to look into mortgage loans that will accommodate the growing needs of your family. You will want to consider a few things like the number of children you will ultimately have. If you are going for a big family, you might want to source a big family home.
There are many things to consider before moving to a new home. Not the least consideration is whether you will be moving into something brand new, or something preowned. Realistically, your first home will be preowned. That is a frugal choice. Just be sure to make a checklist of non-negotiables and don’t waiver from the things that really matter. Your children are worth it.
A Safer Vehicle
That beater of a car that got you through college is not good enough for your new baby. It is time to survey the safest vehicles you can reasonably afford and make a downpayment on your family’s future. You might think you are a great driver. But no driver is at their best with a crying baby or two in the backseat. As a concerned parent, you are most definitely distracted. You need that extra measure of safety.
The good news is that you don’t have to sacrifice the environment for safety. Electric vehicles are coming into their own. They also look very stylish these days. If you go with something more traditional, minivans and compact SUVs are getting excellent gas mileage. Consider leasing. You will always be able to drive the newest, safest, and best insured vehicles at the lowest possible prices.
Education
Start a college fund before you buy your first box of diapers. Put as much money in it as you can. Then keep feeding it for roughly 18 years. A 4-year education at a decent university will run you about 100K per child. You don’t have that much right now. But with the right college fund, you can have it when you need it. Before then, there will be piano lessons, private tutors, perhaps even private school. If your child has special needs, that will also cost you. However, not having access to the best possible education will cost your child even more.
It sounds scary. A new home, new vehicle, and all that education comes with a humongous price tag. But there are plenty of ways to save as you go in small and large ways. Even when you have to spend big, you never stop being frugal.
