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Family Money Management for New Parents When your first child arrives, family money management becomes essential. Stay on top of your finances with these money management tips for new parents. Money management for new parents "New baby, new challenges As a new parent, you likely have your hands full caring for the baby. Micromanaging your finances may be the furthest thing from your mind, but a new family member can bring about big changes to your financial picture. Follow these simple strategies for family money management. Use mobile banking With mobile banking you're one click away from knowing your balances. You can also pay bills in one place and deposit checks using your smartphone or tablet's camera rather than making a trip to the ATM. These features can help new parents family money management. Ssave e valuable time by , stayingstay in the know about balances and paying bills at your convenience. Set up alerts Email or text alerts can remind you when bills are due or notify you of suspicious activity . Enable these notifications so you can stay on top of your finances when life gets hectic. Create a budget Many people talk about creating a monthly budget, but few actually do it. If you haven't done this in the past, then expanding your family could be a good time to start budgeting You'll have new expenses and likely need to manage your money more carefully for your growing family. Set clear spending goals and look for areas where you can cut back. Consider consolidating accounts Moving your accounts to one financial institution can help simplify your financial life and help with money management for new parents. Seeing all of your accounts in one place may help you to budget better and manage money more easily. Plus, doing so may qualify you for incentives such as preferred rewards. Start planning for college now Your baby is brand new, and college may seem far away, but it?s never too early to start preparing for their future. The earlier you start investing for college the better. Bank of America and Merrill Edge specialists can meet in person or by phone to advise you on the college savings options that fit your needs. Visit Merrill Edge for more information on options such as a Section 529 college savings plan account Request an appointment online or use the mobile banking app. Having a new baby is a life changing experience. With it also come some changes to your financial picture. Some careful family money managementplanning and a few fixes will help you feel more in control of your money. Maybe you can?t avoid sleepless nights right now, but hopefully with these strategies, worrying about your finances won?t be one of the things keeping you up. " Bank of America family money management, money management for new parents 2015-10-15
Family Money Management for New Parents When your first child arrives, family money management becomes essential. Stay on top of your finances with these money management tips for new parents. family money management, money management for new parents 2015-10-15

Money management for new parents

A new addition to your family means lots of joy, new responsibilities and additional expenses. Here are some tips to help you stay on top of your finances during your transition to parenthood.

New baby, new challenges

As a new parent, you probably have your hands full caring for the baby. Micromanaging your finances may be the farthest thing from your mind, but a new family member can bring about big changes to your financial picture. Follow these simple strategies to streamline your family money management so you have more energy to devote to your growing child.

1. Use Mobile Banking
With Mobile BankingFootnote1, you're one click away from knowing your balances. You can also pay bills in one place, and deposit checksFootnote2 using your smartphone or tablet's camera rather than making a trip to a financial center. These features can help new parents save valuable time, stay in the know about balances, and pay bills conveniently—even during middle-of-the-night feedings.

2. Set up alerts
Email or text alertsFootnote3 can remind you when bills are due or notify you of suspicious activityFootnote4. Enable these notifications so you can stay on top of your finances and have peace of mind when life gets hectic.

3. Create a budget
Many people talk about creating a monthly budget, but few actually do it. If you haven't done this in the past, expanding your family is a good time to start budgeting: You'll have new expenses, and you’ll probably need to manage your money more carefully for your growing family. For example, one item that may change immediately is your grocery bill—it will probably become much bigger than before. You can manage some of that increase by clipping coupons, using bonus cards, buying certain items in bulk, and using a rewards card that may give you cash back when you spend. You can also sign up for discounted online delivery subscriptions for regular purchases such as diapers.

Set clear spending goals and look for areas where you can cut back. You’ll find that with a new addition at home, there’ll be less time for some of your previous leisure activities such as checking out the hottest new restaurants or a leisurely round of golf.
 
4. Consider consolidating accounts
Moving your accounts, to where you can access them on one site, can help simplify your financial life. Seeing all of your accounts in one place may help you to get a better understanding of your full financial picture and manage money more easily.

5. Manage all your money from one place

With new responsibilities come new expenses, so managing your finances is key—but it may feel harder when life is busy and spending patterns are changing. Bank of America’s My PortfolioFootnote5 tool can make money management easier by providing you with an online financial dashboard, allowing you to track all of your money from one place. You can create a customized budget, track your spending habits as they evolve, and see where you stand with your savings goals. My Portfolio can also import data from linked accounts at other financial institutions such as credit card companies, investment institutions and even other banks, giving you a clear view of your overall financial picture.

6. Start planning for college now

College may seem far away, but it’s never too early to start preparing. The earlier you start investing for college, the better off you’ll be financially. Plus, trying to catch up on college savings later on may be more difficult. Bank of America and Merrill Edge specialists can meet with you in person or by phone to advise you on the college savings options that fit your needs.

The Merrill Edge website has information on savings options such as a Section 529 college savings plan. You can also request an appointment online or use the Mobile Banking app to schedule an appointment. Once you do so, you may be able to set a certain amount that you want to contribute to a 529 plan automatically. Friends and relatives can also contribute to your child’s college savings through birthday and holiday gifts, for example. 

Having a new baby is a life-changing experience—congratulations! Along with the diaper changes and 3 a.m. feedings, though, come some changes to your financial picture. Careful planning and a few fixes will help you feel more in control of your money. You may not be able to avoid sleepless nights right now, but, hopefully, worrying about your finances won’t be one of the things keeping you up at night.

Stay on top of your finances without leaving the house: Sign up for Mobile Banking.