Avoid these 2 big financial mistakes that millennial parents make
The Hindu
There’s no bigger and more exciting news than becoming a parent. Welcoming a new member in your home
There’s no bigger and more exciting news than becoming a parent. Welcoming a new member in your home and hearts is a joy like no other – it’s truly a moment of celebration. But with happiness also comes responsibility – to take care of them, until they enter adulthood (or sometimes later).
It’s a natural instinct to want to provide for your baby’s well-being till they are grown up. While the thought is great, there are many millennial parents who are unaware of the right approach – often, they end up making grave financial mistakes that cost them in the long run.
Millennials, by nature, are far more open when it comes to their spending habits. While your baby is your biggest priority (we can’t deny that), it is equally important to pay attention to your financial health. You can’t go about splurging on baby gear without a care; somewhere, you need to strike a balance.
On the other hand, there are certain needs that are crucial (say healthcare and education) that you certainly have to fulfil for your child. But you need to have sufficient funds for that.
Whatever may be the situation, it is important to be mindful and avoid certain errors, so that you don’t end up in a crisis. Let’s get to them.
While conversations on insurance have grown over a period of time, there’s a large section of millennials that don’t believe in getting themselves insured. They believe it is a waste of money. While it may appear counterproductive to many, the wise thing to do is to get insurance at an early age. Remember that the premium that you pay towards an insurance policy increases with age – you wouldn’t want to be in that situation.
There’s another section of millennials who may have an insurance policy, but aren’t adequately insured. Thi means that if an emergency strikes tomorrow, they may have to bear out-of-pocket expenses to a large extent.
As an individual of influence, blessed with a larger-than-life personality Lord Byron captured the imagination of many who crossed his path. Beyond his literary genius, his life was filled with intriguing stories that are often overlooked—like keeping a pet bear at university and possibly inspiring the first vampire in English literature. Dive in to uncover the fascinating facets of this enigmatic figure.