CPA Michelle Staebell of the New York State Society of CPAs discussed some Mother’s Day financial advice Monday on News 8 at Sunrise.
With Mother’s Day approaching on May 14, Staebell began by offering some advice for moms as it relates to their children. “First off, I think allowances are great for children,” she said. “It teaches them about money — the value of money — how to save money. If they get a set amount each week, they can save it up for a large-ticket item. I think that’s really important.”
In addition to spending, Staebell also discussed saving. “For the mother, if you’re expecting, things are going to change,” she noted. “Your budget is going to change. You need to set a budget, look at spending habits, and figure out how much daycare is going to cost, or maybe look at some life insurance, or some estate-planning like creating a will. All of these things need to be taken into consideration, for sure, maybe in the months prior to having that child.”
Staebell, who is expecting, added a cautionary note about borrowing money. “Borrowing is okay if you need it, maybe for a house or a car, but borrowing comes with the ticket of interest,” she said. “It costs money. Avoid borrowing money if you don’t have to barrow it. I wouldn’t barrow money for vacations or electronic items. Maybe keep the borrowing for the necessities only.”
Consult a trusted CPA or financial advisor if you have concerns. For more information, visit the NYSSCPA website, click here.