The birth of a child brings unexpected challenges in the lives of new parents. Most of these parents are often unready for their newborn babies and the changes they face.
Raising a child will need decision making whether the mother will breastfeed or bottle-feed the infant. Parents will also have to learn quick on how to change a diaper, and respond and comfort a crying baby, according to a report by The Washington Post. Parents will also have face sleepless nights as the infant will need constant attention.
Parents anticipate the birth of a child to be joyful, yet in reality, it is different. This is due to lack of preparation that may cause distress when the new parents feel helpless already. It may also lead to post natal depression that affects 16 percent of new mothers and 5 percent of new fathers, as reported by the Washington Post,
Meanwhile, CBS News shared that besides the diaper duty, sleep deprivation and crying outburst, new parents must face a challenge in their finances. "Becoming a new parent is an exciting time, but it also brings to light the financial challenge you may face when you start a family," Laura Knolle said, a certified financial planner for Ballou Plum Wealth Advisory in Lafayette, California. "Now in addition to saving for retirement, home projects, and vacations, you have new expenses for your little bundle of joy."
There are other things that parents have to consider such as taking a look at their health insurance plan. "Review your health insurance benefits to understanding what is covered and what may not be covered," Marina Hayes, investment adviser for PNC Wealth Management in Orlando said. "You'll want to go ahead and prepare yourself for the cost of your prenatal visits, childbirth, and hospital stay."
In regards to a child's education, it is advisable to start saving money while your child is still young. CBS News suggested opening a 529 college savings plan for your child's education in preparation for college.
