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MY

Becoming a parent in the millennial era means raising a child while surviving inflation, paying off loans, and managing group chats that never sleep. Financial planning for first-time parents matters more than ever.


Multitasking becomes your middle name. You’re not just a new parent now; you’re the Head of Finance, Risk Management, and Snacks, amongst many others.

 

Let’s break down parenting advice that doubles as financial literacy for families, either for first-time parent or families with one child.

1. Your Baby Is Not a Luxury Influencer

Your newborn does not know what “organic bamboo sleep sack” means.
They will happily sleep in something that costs less than your monthly streaming subscriptions.

 

💡 Budgeting tips for new parents:

 

  • Start with a realistic parenting budget. Spend on safety, comfort and health, not trends.
  • Track spending so you know where your money actually goes.

 

2. Emergency Funds: Because Life Loves Plot Twists

Kids have impeccable timing; like having a meltdown right before leaving the house for something that you are already 30 minutes late for, or getting sick right before payday.

So, make sure to buffer time, energy and patience for these surprises.

 

💡 Money tip:

 

  • A 3–6 months emergency fund keeps unexpected expenses from turning into “guess we’re using credit cards again.” It could potentially turn into a debt trap.
  • Emergency fund is financial adulthood with a stroller. It is an additional item to carry around, but comes in handy during tough and critical moments.

 

3. “But It’s for My Child” Is Not a Financial Strategy

Every purchase starts small. Then suddenly your kid has better tech than you. More often than not, all they need is time with you, which doesn’t cost any money 🙌🏻🫶🏻

 

💡 Money maintenance method:

 

  • Avoid lifestyle inflation disguised as love.
  • Intentional spending beats emotional spending, every time.

 

4. Start Saving Early (Yes, Even RM50 Counts)

You don’t need a trust fund. You need consistency, and time will do the work for you and your kid.

 

💡 Money formula worth remembering:

 

  • Small, regular savings + time = compound growth (aka free money’s responsible cousin).
  • Automation = fewer decisions = better habits = less mental load = happier and healthier you.

 

5. Put Your Oxygen Mask On First (Financial Edition)

If you’re emotionally drained, your kid feels it.

If you’re financially exhausted, your kid feels it too.

Kids learn money habits by watching you, not listening to lectures.

 

💡 Money strategy for life:

 

  • Set a priority list: it is wise for emergency savings and insurance to come before college funds.
  • Your kid’s future depends on you staying financially healthy.

 

6. Talk About Money Like It’s Normal (Because It Is)

Whispering about money or avoiding the subject creates anxiety. Talking about it creates awareness and understanding.

 

💡 Money mindset to adopt:


Explain and encourage spending and saving in simple ways without any negative connotations:

 

  • Spending: “We’re choosing this instead of that.
  • Saving: “Let’s wait and buy this on your holiday.”

 

7. Allowance Is Their First Job, Not a Monthly Gift Card

Kids should understand that money doesn’t magically appear like snacks at grandparent’s house, nor is it a plastic card with unlimited taps.

 

💡 Money boundaries to set:

 

  • Tie allowance to age-appropriate effort.
  • This teaches earning, responsibility, and that money has limits (like your patience).

 

8. Budget Together or Argue Forever

Nothing kills romance faster than financial stress and surprise purchases when budget is tight.

 

💡 Money matters with partners:

 

  • Schedule in talks about goals, spending, and values regularly.
  • Financial teamwork triumphs over financial silence, always. 

 

9. Instagram Parenting Is Financially Ruinous

Comparison is the fastest way to feel broke; mentally, emotionally and financially, even when you think you’re doing fine.

Look closer and the grass is usually just as green on your own yard.

 

💡 Money health goals:

 

  • Your family’s financial plan doesn’t need outside knowledge nor approval.
  • Contentment is an underrated financial and life skill.

 

10. Keep Learning: Books And Tech Are Your Co-Parent 

Nobody knew what to expect until we have a kid in our arms. We’re learning in real time, and everything is always a work in progress.

 

💡 Money mentality for sanity:

 

  • Read often, listen intently, and ask questions. About parenting and about money.
  • Try simple apps for budgeting, saving and tracking
  • Financial literacy is a muscle; use it or lose it.

 

11. Financial Stability Is the Ultimate Flex

Kids don’t remember how fancy their toys were.
They remember the feelings evoked: like feeling safe, feeling happy when playing with you, and feeling comforted.

 

💡 Money’s parenting style:

 

  • Develop appreciation for stability and forward-planning habits, because peace of mind is priceless.
  • That’s love in spreadsheet language.

#FinalTruth

 

You’re raising a child in a world that’s expensive, unpredictable, and online 24/7.
Teaching financial literacy through everyday parenting isn’t just smart, it’s survival of the fittest.

 

Dear parent(s), you’re doing great.

 

 

 

References:

 

 

This article is for informational purposes only and CIMB does not make any representation and warranty as to the accuracy, completeness and fairness of any information contained in this article. As this article is general in nature, it is not intended to address the circumstances of any particular individual or entity. You are advised to consult a financial advisor or investment professional before making any decisions based on the information contained in this article. CIMB assumes no liability for any consequences arising from your reliance on the information presented here.