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Are you prepared for parenthood?

3/22/2013

5 Comments

 
If you're considering starting a family, your focus may be on cribs, strollers and car seats. While all these items may be necessary, it's also important to make sure you are financially prepared. Here are a few financial preparations you may want to make before you welcome your bundle of joy.

Check your health care coverage 
It's a good idea to check your health care plan's maternity and pediatric coverage. You'll want to know if there are any out-of-pocket expenses you should budget for. And to avoid a gap in coverage, find out if you need to add your child to your policy within a certain number of days of his or her birth.

Figure out child care 
If one parent plans to stop working to stay home with the baby, you may need to adjust your spending now to accommodate a future change in income. If you intend to hire a child care provider, you may want to start your research well in advance since some providers have waiting lists. Also find out if your employer offers a dependent-care flexible spending account that would allow you to set aside pretax dollars for qualified expenses.

Do you have adequate disability income insurance? 
Having a family means greater financial responsibilities. What if you weren't able to work due to an illness or injury? Short- and/or long-term disability income insurance could help replace all or a portion of your earnings for a period of time. If employer-provided disability income insurance isn't adequate, consider purchasing an individual policy.

What about your will? 
It will be important to update your will to name a guardian for your child and provide instruc­tions on who should manage any inheritance. Without a will, state law and a court might make these decisions.

Look at your life insurance
The U.S. Department of Agriculture estimates it could cost the average U.S. family about $235,000 (in 2011 dollars) to raise a child through age 17. And this estimate doesn't include the cost of college. You'll want to make sure you have enough life insurance to provide for your child's future. Also make sure a stay-at-home parent has sufficient coverage since, if something happened, the surviving parent would likely need extra money to cover the cost of child care.

FINRA Reference #FR2012-1030-0144/E 02/04/13

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5 Comments
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4/23/2023 10:15:25 pm

Thank you for sharingg this

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3/3/2025 08:52:24 am

I appreciate these tips for preparing financially before starting a family.

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    Larry Brasel, Financial Advisor, Dallas, TX

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