23 min
Budgeting for a Baby With Jikku From 22seven The Family Finance Show
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- Business
A good budgeting app can help you to classify your expenses, change your habits and avoid expensive debt, therefore allowing you to save for the important things in life.
This week our guest is Jikku Joseph, the Managing Director of 22Seven, a free budgeting app. The biggest benefit of using an app rather than a manual spreadsheet is that it saves so much time because most spend items are automatically categorised. You can then clearly see where your money is going each month and can make changes if necessary.
One of the biggest expenses for a family is having a baby. There are the medical bills, nursery furniture, formula and bottles (if you go that route), diapers, vaccines and child care if both parents plan to go back to work after their baby is born. It is important to plan for these immediate new expenses and also plan for big expenses, such as education, as your child grows older. Good budgeting practices will help you do this.
There are plenty of ways to reduce the initial budget, such as buying second hand equipment. Remember that, instead of buying, for example, the top of the range pram, which has very little value to your child, rather think long term and the value you can provide to your child as he or she grows older.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals.
Join us on twitter for real conversations about family finances:
@FamFinanceShow@DianaGranouxWebsite:
www.familyfinanceshow.com
A good budgeting app can help you to classify your expenses, change your habits and avoid expensive debt, therefore allowing you to save for the important things in life.
This week our guest is Jikku Joseph, the Managing Director of 22Seven, a free budgeting app. The biggest benefit of using an app rather than a manual spreadsheet is that it saves so much time because most spend items are automatically categorised. You can then clearly see where your money is going each month and can make changes if necessary.
One of the biggest expenses for a family is having a baby. There are the medical bills, nursery furniture, formula and bottles (if you go that route), diapers, vaccines and child care if both parents plan to go back to work after their baby is born. It is important to plan for these immediate new expenses and also plan for big expenses, such as education, as your child grows older. Good budgeting practices will help you do this.
There are plenty of ways to reduce the initial budget, such as buying second hand equipment. Remember that, instead of buying, for example, the top of the range pram, which has very little value to your child, rather think long term and the value you can provide to your child as he or she grows older.
Disclaimer: Old Mutual Life Assurance Company (South Africa) Limited is a Licensed Financial Service Provider. This material is not intended as and does not constitute financial advice or any other advice and is neither exhaustive nor prescriptive. It does not take into account your personal financial circumstances. Your financial adviser will assess your financial situation and needs and assist you to draw up a plan to help you achieve your financial goals.
Join us on twitter for real conversations about family finances:
@FamFinanceShow@DianaGranouxWebsite:
www.familyfinanceshow.com
23 min