Your Money Matters: Financial planning strategies for new parents

This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

Kathy Roeser

Plan ahead:
Don’t wait for the baby to arrive before making financial decisions as life as you know it is over.

Make a budget:
Put together a list of things you need for your child which will help limit overindulging when you are shopping for your new baby.   Also, it is important to consider the everyday costs of formula or diapers which can add up quickly.

Consider costs of childcare:
Childcare can be a huge expense so it is important to research your options and determine what is best for your family and your budget.

Start a savings account:
Put the money a child may receive as a gift into a savings account. Some grandparents may want to put some money away for the child therefore it is good to have a place to start saving.

Start a college savings plan:
Consider starting a 529 college savings plan that allows you to invest significant sums of money that can grow tax-free.

Review estate planning documents:
If you don’t have a will, it is time to make one or update the one you do have. It is also important to name a legal guardian for your child as well as naming your child as a beneficiary for life insurance or retirement savings

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

1 Comment