Money tips for first-time parents

Posted at May 25 2015 04:27 PM | Updated as of May 26 2015 12:27 AM

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MANILA – Pregnancy is an exciting time in the life of a couple starting a family, but it is also the time when finances matter the most. Besides ensuring income for immediate needs, there’s also the future to consider.

“There are the years you get a bonus, nothing in the house breaks, and your car is still running fine. And then there are the other years,” said Jean Chatzky, a financial advisor on the Today Show. “It's key to take advantage of the flush years to save more money, rather than spending every dollar you make. You'll be glad you did when the financial tide turns against you.”

Getting your financial house in order is a priority even before your child is born. Savings, planning for the baby’s future, and eliminating debt are just a few of the things to consider when putting your budget together.