Select a financial milestone below to explore related services, calculators, videos, articles, and additional resources.
Starting a family is an exciting new chapter filled with joy, growth, and unforgettable moments. Thoughtful financial planning can help you feel more confident and prepared as you budget for baby essentials, explore childcare options, and build a strong foundation for your family's future.
Take a close look at your income, savings, expenses, and any existing debts. Knowing where you stand financially will help you make informed decisions for the future. Create a detailed budget to track monthly expenses and determine whether your current income will support a growing family or if you need to adjust spending habits. Also, consider paying down high-interest debt.
It's common for first-time parents to need to equip their living quarters for the new baby properly. Cribs, strollers, and high chairs are just some of the new items that may be needed. In terms of health care, review your insurance plan to understand what is and is not covered both before and after the birth.
Build an emergency plan that covers 3 – 6 months of living expenses for challenging times like large medical expenses or a job loss. You may also consider setting up a 529 college savings account for your child's future educational expenses.
Make sure you have adequate life insurance to protect your loved ones in case something happens to you. Don't assume that the group coverage you have through your employer provides enough insurance. Estate planning is also essential. Create a will to designate guardians for your children, establish trusts if necessary, and ensure your assets are protected and distributed according to your wishes.
Check out our offerings to help you take the next step in your investing.
Check out our offerings to help you take the next step in your investing.
The average cost of raising a family in the US can exceed $300,000, but everyone's situation is different. To get your family fund started, be sure to try out some of our savings calculators so you know how much to put aside.
