SeaComm Federal Credit Union OFFICIAL BLOG

4 Ways to Financially Prepare for a Growing Family

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Becoming a new parent is a wonderful experience, but it also comes with a ton of responsibility and some financial stress. Continue reading to learn 4 tips that will help you financially prepare for this milestone.

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Check out your benefits at work. It’s important that when you anticipate a growing family, you make it a point to sit down with your company’s Human Resources representative and discuss your options and benefits. This discussion shouldn’t be limited to just maternity and paternity leave options, but also health insurance for your household, retirement plans and 401K options.

 

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Build up your savings sooner than later. Before you know it, there will come a time when you’ll need to dip into your emergency funds. The best way to financially prepare for this? Aggressively build your savings! Making regular deposits to your savings account and avoiding withdrawals will lead you to your goal. But it’s important that you find the right savings account for you and your growing family, and one that does not charge you regular monthly or annual fees. SeaComm offers its members a variety of personal savings options, none of which include these fees! Your saving options with SeaComm include Regular Savings, Money Markets, Club Accounts, Moola Moola for Children, Certificates, Health Savings Accounts (HSA,) and more! Click here to open an account, today!

 

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Start looking into childcare options. This can be the most expensive component of a growing family. Don’t wait until the last minute to find the right childcare options for you! Your best bet is to shop around for childcare that is convenient, affordable, and the right fit for your family…and the sooner, the better!

 

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Set a cohesive budget. The unexpected expenses will be piling up, so it’s best to account for them ahead of time. Expenses that you should take into consideration are child care, additional healthcare, diapers (because you’ll need a lot,) clothes, toys, and of course an increase in your regular food bill. You can then determine an adequate budget based on these estimated expenses, in regards to your household income. Remember to factor in a portion of your money that is designated for savings! Click here for a calculator that will generate first-year baby costs, courtesy of BabyCenter!

 

Be sure to ‘Share’ this post with anyone you know who has a growing family!

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