Financial Milestones You Must Attain Before Being a Parent.

[Etini]

Parenting is one beautiful thing. It is a thing of pride when you can have a child you can call your own. But it isn't only in the thrill. It comes with financial responsibilities. There are some financial milestones you should have achieved prior to becoming a parent. Some of them are:

1) 6 Months Emergency Fund: With the arrival of a child comes greater risk of an emergency situation happening, you should have 6 months emergency funds to cater for child care in times of emergency and if any financially negative situation happens.

2) Eliminate High Interest Debts: Taking care of a child saps you financially, and, there is a need to clear all high interest debts unless you might default in debts repayments or childcare.

3) You must have a stable income: With a child, your income monthly must be assured at a certain rate. You can't have an unstable income and be able cater for a child.

 

[btaliat]

Being a parent comes with different responsibilities, the more reason why an intending parent needs to focus more on achieving some financial goals before starting taking a step of becoming a parent. It is very important that this is done at an early stage.

Having a stable income is very essential but not as essential as having different and multiple sources of income. This will ensure and rest assure of intending parents. Having or relying on only one job is not enough as we prepare to be future parents considering the responsibility.