When you become a parent it is more important than ever to build a nest egg to cope with any unexpected expenses such as doctor’s bills or expensive car or home repairs. Setting some money aside could help get your family through some hard times if you ever lost your job or were unable to work because of illness or disability. As a goal, try to save at least 3 months’ salary or more if possible to tide you over.
It is also worth considering placing some money into a savings account with an interest rate that equals or is greater than the current rate of inflation. Once this is done, you should also resist the temptation to dip into it.
Examine your budget and see what areas you can afford to save money in and how much you can afford to save.
Read more: Teaching your child good money values
