Being a first-time parent can be daunting experience. You’re never fully prepared for what’s coming, and it always feels like there’s something new to learn every day. It doesn’t help that well-meaning yet interfering relatives keep nosing in with their do’s and don’ts. The sheer amount of information online can also seem overwhelming and don’t get us started on celebrity parents who seem to have it all under control with their carefully curated Instagram posts, making us feel like we’re failing parenthood!
Amidst the excitement of welcoming a newborn, one issue that rarely gets talked about is financial management as a new parent. The physical needs of a child are often well-met, but what about their financial needs? What are some sound financial principles a new parent should follow for the benefit of their child’s future?
When it comes to building and growing a family in Malaysia, monetary challenges from unplanned events can put first-time parents in a tight spot. In addition, with the rising cost of living and stagnation of income, it’s even more important for parents to be financially adept and savvy in money matters. Here are six sound principles of financial management for the first-time parent.