growing your family
Adding a new child to your family is definitely one of life’s most exciting events. Whether you are having a baby or adopting a child, this is truly a joyous time.
Of course, growing your family also means your expenses can increase. While diapers and formula may be front and center, creating a budget will help you focus on your family’s financial needs.
Here are a few things to keep in mind:
- Add your child(ren) to your existing health insurance plan.
- Increase flexible spending account amounts.
- Review the number of allowances on your W-4 tax form.
Also you may want to:
- create or revise your will
Right now, your life is probably a flurry of activity with family and friends calling and stopping by to meet the newest member of your family. A new child brings joy and bliss to your life, but also brings a new sense of urgency to your financial future. Some questions to consider:
- Do you have enough life insurance now that a child depends on your income?
- Is your disability income insurance sufficient?
- Would your child be able to attend college if something happened to you?
- Have you added your child and your spouse to your dental insurance?
Your family's financial future may be derailed by the unexpected death of you or your partner. A disability or illness could prevent you or your partner from working and side track your own retirement plan. You may need to expand your family financial strategies to include increasing your life insurance and disability income insurance to help ensure financial security for your child(ren). You also will want your family to stay healthy by providing regular dental, vision and hearing checkups.
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