Starting a Family

Immediate Expenses

When it comes to starting a family, there is a lot to prepare for financially. Accumulating some savings to prepare for family leave is a good starting point. The amount of time you are allowed and whether it is paid or unpaid depends on your employer, but it never hurts to have a cushion. You’ll also want to plan for medical bills and necessary big purchases before bringing home the addition to your family.

Preparing for the Future

Once you have the initial necessities out of the way, it’s time to reassess your budget. First, make sure your emergency savings is sufficient so that you can handle any unexpected costs that come your way. One of the first expenses you’ll need to account for in your monthly budget is childcare. Explore your options early on to find what works for your family. You should also consider updating your will and life insurance needs.

Saving for College

Time passes quickly and every dollar counts when it comes to long-term savings goals. It is important to start saving for college early. There are many options for saving, but a Coverdale Education Savings Account (CESA) is a popular choice that allows you to use the money for K-12 education in addition to college tuition, books and supplies.