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Becoming a parent is an incredible experience that brings a whole new set of responsibilities and priorities. With the arrival of a baby, your life changes significantly as you adjust to the new norm. Here are nine ways a baby might change your priorities:
Newborns require feeding every few hours, and a lack of sleep is an inevitable part of parenting. You may find yourself prioritizing sleep above other activities like socializing or watching TV.
As a new parent, you might become more attuned to the dangers sharp corners and slippery floors can pose to a toddler. In addition to securing furniture, covering power outlets, and adding baby gates, you may find yourself making more practical home décor choices.
Plenty of new parents choose to cut back on work hours, switch to a part-time job, or temporarily pause their career to focus on their baby’s needs. Even if this isn’t the case, you might notice subtle changes in how you think about and prioritize work.
You’ll want to make sure that the brand-new person in your life is happy and healthy. This might mean spending a lot more time (and money) at the doctor for well-baby visits, vaccinations, and monitoring your baby’s growth and development.
Raising a child comes with significant recurring costs, such as diapers, formula, childcare, and doctor’s appointments, not to mention one-time costs like cribs, car seats, and changing tables. With a dependent, you might decide you need to bulk up your emergency fund or get a bigger place. All these things mean you may need to reevaluate your spending and adjust your budget.
As a parent, you’ll want to plan for the future and ensure your baby has the best start in life. This may mean prioritizing college savings or making a down payment on a new house. You might also decide that this is the right time to get a life insurance policy to protect your child if something happens to you. Plenty of new parents get term life insurance policies to cover them until their children reach adulthood.
You may find yourself spending less time socializing with friends and family as you focus on your baby’s needs, at least at first. Having a baby can be hectic, but it’s important to carve out time for your needs, including spending time with friends and family. Take breaks and schedule time with your support system when possible.
As you adjust to your new role as a parent, you may find that you and your partner have less time to spend with each other. Spending quality time together may require making a conscious effort.
Caring for a new baby can take up most of your time, but it’s important to prioritize self-care to maintain your mental and physical health. This may involve taking breaks, planning activities you love, getting outside, and seeking support when needed.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.