"Babies are expensive!"
This is the first thing I said to myself when I found out how expensive baby diapers are. We are using Pampers - diapers marketed by Procter & Gamble ( (PG) - Get Report) - for our newborn, Anudeep Thapa. A box of 198 diapers costs about $50. Sometimes, even a box is not enough for junior Thapa, who was born last December.
My wife, Dipika Shrestha, and I both have full-time jobs, which is the main source of our income. By the way, we also have a house mortgage to balance (almost forgot!).
I had never taken a serious look at my personal finance until Anudeep came into our lives. During our daily story-pitching session at TheStreet, executive producer Julie Iannuzzi, toyed a story idea of how a new dad should take care of his finances. Well, as a new dad, I loved the idea because not only will I be sharing information with our audience, I will be learning at the same time.
Obviously, I reached out to my dad, Baburam Thapa, for 'dad-advice.'
"Open a separate bank account for your child," said Thapa, who lives in Nepal, "this will help you cultivate the saving habit."
Experience is half the battle, but it never hurts to talk to an expert. I also spoke to Tracy Byrnes, my former colleague and a financial advisor at UBS.
"The biggest thing Anuz with new parents is that they are so excited to be parents that we want to give everything to our kids, and we often forget about ourselves," said Byrnes. "You need to take care of yourself, too."
"God willing, your child is young and bright and has a long future ahead of them. You don't want to give them everything that you set aside for retirement. So think of yourself as well for this whole parenting process," she added.