Etini
Valued Contributor
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.
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.