Having Children

Having Children
Having Children — Paving and Paying the Way for your Kids and Their Kids

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Paving and Paying the Way for your Kids and Their Kids

Children have a major impact on your financial bottom line. It starts with the bill from the hospital pediatrics ward, the trip home from the adoption agency or the blending of two families, and goes all the way through that final college tuition check—and beyond. In between, there’s daycare, music lessons, constant clothing size upgrades, car insurance sticker shock, and ever enlarging grocery expenses. Fortunately, the joy you get watching them grow up is all worth it—if you plan properly.

Children will change your financial planning needs more than any other life event.

This section covers a few of the more significant financial impacts children can have on your life, starting with your very first child. You’ll learn about the need for an emergency fund, more insurance and estate planning. We’ll talk about a few of the steps you may need to take if you’re caring for a special needs child, such as drafting a will, setting up a trust and exploring government benefit programs. Then, we’ll explain the ins and outs of the big long-term savings goal—paying for college—including different ways you can save money in tax-deferred accounts without putting your own retirement savings at risk. Finally, we’ll discuss how grandparents can help take on more financial responsibilities for their grandchildren and list some ways they can help without undercutting their own financial security.

Plan with us

Children will change your day-to-day life and your financial needs more than any other life event. Let us help you financially prepare yourself.

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