Start Saving for a More Profitable You, Before Baby is Born

The bank isn't sexy, but saving money adds up over time regardless. Credit: Vercillo

The bank isn’t sexy, but saving money adds up over time, regardless. Image by Vercillo

Make Saving Money a Habit 

You wouldn’t go to bed without brushing your teeth, would you? Treat saving money the same way. Put a portion of every paycheck into savings, one way or another. In fact, be as aggressive as possible.

Your budget will naturally adapt if you’re putting more money into your 401k or even in a bank passbook savings account, just as it would if you bought a new car and had additional auto loan payments to service. Make it a personal rule: Never let a payday go by without setting at least some money aside.

Before long, you’ll find that saving is addictive. You’re paying yourself, not just another creditor. Even if it’s just $50 here and $100 there, it’ll add up over time. As for the 401k, that balance will really accumulate over the years, thanks to the twin miracles of compound interest and investment income.

A Profitable You

Whether you end up saving $5 or $500 a month, the bottom line is this: You’ll be in the black. That should keep you from swimming in credit card debt, and over time, your savings will grow steadily.

Keep it up and you’ll eventually have the money you’ll need to tackle the little and big things you’ll face as a parent. As for your hair, I can’t help you there. Mine went away a long, long time ago.

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Steiner, Sheyna. Many Americans have no emergency fund. (2012). Bankrate. Accessed on October 24, 2013.

Williams, Fred O. Average Credit Card Debt? Take Your Pick. (2013). Fox Business. Accessed on October 24, 2013.

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