The No. 1 mistake: Overspending on non-necessities like clothes, toys and gadgets
Life insurance company MassMutual asked mothers: “What is the biggest financial mistake you made when becoming a first-time mom?”
Overspending on non-necessities like clothes, toys and gadgets was the biggest financial mistake made by mothers with their first child. Of those who did start saving in a college fund like a 529 plan, 56% of the mothers surveyed said they’re investing between $50 and $250 each month.
Fewer mothers than fathers had emergency funds and paid down credit-card or student-loan debt. Financial planners say couples should have an open and candid conversation about budgets and money goals before getting married and, especially, before having a child. It’s also wise to discuss expectations about their lifestyle post-marriage.
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