Being a parent often means having to be mindful about money matters. And when you’re a mother who also writes about personal finance, there’s a lot of pressure to do a good job with managing your cash flow, all the while making sure your kids’ needs are accounted for. With that in mind, my fellow writers — and moms — and I are here to share some tips to help you navigate the financial side of parenthood.
1. An emergency fund is even more important when you have kids
Christy Bieber: I’ve always stressed the importance of an emergency fund as a personal finance writer. But once I had a child, I learned that kids are pretty much emergency magnets.
Of course, any time you add a new member to the family, whether a person or a pet, there’s an increased chance of surprise expenses. After all, there’s another individual who could have issues that cause unexpected spending. But the reality is that a child significantly increases the chance that you’ll have costs you didn’t plan on.
