MINT HILL, NC – If you’re a new parent, you’re no doubt experiencing a lot of joy now, but you still need to think about the coming years – specifically, the financial issues that accompany a growing family. Here are a few steps that can help you address these concerns:
First, establish a budget. Given the additional costs of raising a child, you’ll need to carefully manage your money.
Next, you’ll want to protect your children’s future by maintaining the appropriate amounts of life and disability insurance.
Also, if you’d like to send your child to college someday, start planning – and saving – as soon as possible, because college is expensive. You may want to consider investing in a college-funding vehicle, such as a 529 plan.
Finally, don’t forget your long-term goals. Throughout your working years, contribute as much as you can to your 401(k) and IRA. By building resources for a comfortable retirement, and remaining financially independent, you’ll benefit your entire family.
Having a child is a life-changing event, and one with considerable financial challenges – but they can be manageable if you make the right moves at the right times.
If you have any questions, please contact me at (980) 859-2549 or by e-mail at email@example.com
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor