New parents, use this guide to set your family up for financial success.
When you have a baby, your entire life changes. It’s not surprising, then, that your finances will likely change too. We’re not just talking about the money you’re going to be spending on diapers and formula, either. Having a new little one means your family needs to plan for its financial future.
To help you protect your growing family, here are just a few financial moves new parents should make.
- Start Saving For College: If you start saving for college now, you give yourself eighteen years to put away the sizable sum your son or daughter will need for education. Don’t just put your money in savings, though. Talk to a financial advisor about the tax benefits college savings accounts like a 529 can offer you.
- Buy Life Insurance: Before your baby, your partner could have probably survived without your income. Now, though, your family set-up looks pretty different. With a life insurance policy, you guarantee financial security for your family no matter what happens.
- Update Your Paperwork: If you haven’t written a will, now is the time to do so. While you’re at it, establish a trust for your child so that he or she can enter adulthood with a little financial cushion. Finally, if you didn’t have to take out a new life insurance policy, review the beneficiaries listed on your existing policy. You may want to name an adult custodian so that you can leave some of your policy’s benefit to your child.
You have a lot on your hands with adjusting your life to accommodate your growing family. Why not let the pros make sure your insurance keeps up with the changes? To get the coverage your family needs, contact The DiForte Agency in Staten Island, New York.