Financial Advice For New Parents

Just Starting Out? Use These Tips

Having a baby changes your life. Everything from the food you eat to the friends you have will likely change once you bring your new little one home! Of course, your financial situation will have to change as well. On top of having another mouth to feed, you also get to start thinking about fun things like college savings and life insurance. To help you successfully manage your money as your family grows, here is some financial advice for new parents.

  • Start Saving: As new parents, you should have two types of savings accounts set up. The first should be an emergency fund and you should try to keep it stocked with around six months of living expenses. This ensures that even if you lose your job or find yourself facing a big bill you did not expect, your family can continue to live comfortably. The second type of account you need is a college savings plan. Talk to a financial adviser to determine the best type of account to save for college with the best tax benefits.
  • Get Insured: Since you now have another little person who is relying entirely on you for financial security, it is important you protect yourself against money troubles. The good news is you can do just that with insurance! For example, disability insurance ensures that even if you have to stop working, your family still has income and life insurance will protect your family as they transition to life without your paycheck. Talk to an insurance expert to get the right coverage for your changing family.

As we talked about above, one way you can help set yourself up for financial success is by carrying the right insurance coverage to ensure an unforeseen event never drains your bank account. To get the policies you need for financial stability for your growing family, contact Stromsoe Insurance Agency.

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