SeaComm Federal Credit Union OFFICIAL BLOG

Financial Tips for a Growing Family

growing family 2

Becoming a new parent is an exciting journey, but it also comes with a great deal of responsibility and some financial stress. When getting ready to embark on this adventure, preparation is key. We’ve come up with four financial tips to benefit your growing family – continue reading to learn more!



Consider all costs. It’s important that you examine your current personal and household budgets. New family members are expensive, so find areas where you can cut back to start saving more. Some expenses that you should take into consideration are childcare, additional healthcare, diapers (because you will need a lot,) clothing, toys, and of course an increase in your regular food bill.




Simplify your debts. As you work through your budget, you may notice areas where you are overspending or interest rates that are very high. Knowledge is power, so take the time to learn exactly where your money is going, especially when it comes to high interest rates. You should consider a consolidation loan with SeaComm, which allows you to combine all of your outstanding balances into one convenient monthly payment. This makes it easier to work out a reasonable period to pay off your debt, without feeling overwhelmed.

With SeaComm’s loan pre-approval program, LoanEngine™, you might already be pre-approved for a consolidation loan! If you qualify for a pre-approved offer, you’ll be presented with it through our SeaComm Mobile 4.0 app or NetTeller in the “My Offers” tab, via email, and/or a letter through the mail. Click here to login to your NetTeller™ to view your current offers! If you don’t have any offers at this time, be sure to check back every 60 days.




Save for your own retirement. It may be easy to forget about your own future with a growing family, but retirement savings are essential. If your employer offers a traditional 401(k) plan, you may contribute pre-tax funds – which is a significant advantage. You might also consider establishing an Individual Retirement Account (IRA) to help build your nest egg. You have two investment options with SeaComm:

Traditional IRA: The money you contribute may be deductible from your taxes for the year. Traditional IRAs provide a tax deduction for some people, along with tax-deferred interest. A Traditional IRA is best if you believe that your tax rate will be lower at retirement than it is right now.

Roth IRA: Contributions are made with post-tax dollars, which means that you can’t deduct them from your taxable income. The primary benefit of contributing to a Roth is that in retirement, your withdrawals are not taxed at all. Therefore, a Roth IRA is best if you believe your tax rate will be higher at retirement than it is at this moment in time.


education save

Invest in your child’s education. College and graduate school is expensive, so think about saving for your child’s education right away. Many parents are beginning to save for education before their child is even born! As a SeaComm member, a Miscellaneous Savings is the perfect account to help you save for various life events, like college, while earning dividends on your money! SeaComm also offers a Moola Moola Youth Account for children through the age of 12, and Youth Saver Certificates, which provide younger members with an opportunity to earn higher dividends on their money.


In an effort to keep our communities safe, we have implemented an adjusted operating schedule. Effective March 23, through April 17, all SeaComm lobby visits will be by appointment only. Our drive-thru lanes will remain open at all locations. Please call (800) 764-0566 to schedule an appointment at one of our seven branch locations!

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