Michael Liersch | Source | Head of Advice and Planning for Wells Fargo & Company at Wells Fargo

Michael advises new parents to prioritize financial goals, avoid impulsive spending, and involve trusted family or professionals for accountability. Major expenses like medical bills and baby gear should be prioritized, while minor expenses like clothes and toys need consistent budgeting. Utilize employer benefits for childcare and healthcare savings, and explore 529 plans for college savings. Consistent contributions to retirement and emergency funds are crucial.