NEW YORK (MainStreet) — Becoming a first-time dad can be a life-altering experience. While there are moments of pure joy as you hold your little one in your arms, you might also feel overwhelmed by the financial costs of supporting this new member of your family. After all, stocking up on diapers and baby food, paying for child care and saving for education costs can take a serious toll on your bank account, not to mention your stress levels.
To help ease your anxiety and get you on the right financial path for the future, we asked a handful of experienced fathers to share the money lessons they've learned while raising their kids. From the benefits of coupon-clipping to the importance of setting up a college savings plan, here are their top tips for new dads.
Name: Andrew Johnson
Occupation: Communications manager
Residence: Grosse Ile, Mich.
Children: Three kids, ages 10, 12 and 14
"You are going to be the grocery shopper and all-around getter for the next few months. Coupons and sales will be your mission, trust me. Sign up online for any new parent coupon packages.
"Learn about diapers. Once you agree upon a brand, ask all your family and friends to watch out for coupons and send them to you. If you use disposable, it will be mind-blowing how many diapers you use.
"Your washer and dryer are going to get a workout, too. You'll be washing onesies, PJs, burp clothes, blankets and everything else under the sun. Watch out for laundry coupons. Same goes for baby food, as the little one gets older. Watch for coupons and sales. Money is going to be tight the next few years, so any way you can save some money will help."