Financial Tips for Young Families: Navigating the First Year and Beyond

In this episode:

00:00 – 04:29: How Your Upbringing Impacts Your Parenting Style
04:30 – 07:38: Current Financial Trends and Differences Between Generations
07:39 – 13:59: Budgeting and Saving for the First Years
14:00 – 23:27: Insurance Policies and Parental Leave
23:28 – 26:55: Deciding on the Right Child Care for You
26:56 – 33:09: How and When to Start Saving for College
33:10 – 36:55: Estate Planning for New Parents
36:56 – 38:47: Saving for Retirement While Raising a Family
38:48 – 40:46: Final Tips for New Parents and Closing

In this episode of Your Money. You're Mission., host Kelly Mould discusses financial planning for new parents with VP Wealth Portfolio Analyst Manager Kelsey Ellsworth and mother of twin girls and SVP Wealth Advisor Greg King and expecting parent.

6 Key Takeaways

1. Accept help when you need it 

Accepting help when needed is crucial for new parents. This can include meal trains and babysitting help or emotional support from family, friends and community.

2. Plan ahead for childcare costs 

Planning ahead for childcare costs is also vital. Understanding the associated expenses and using tools to adjust budgets accordingly can help new parents prepare for the financial responsibilities that come with having children.

3. Start saving for college early

Starting to save for college early, even with small contributions, can make a significant difference over time. Utilizing tools like 529 plans can be an effective way to save for future education expenses.

4. Estate planning is crucial 

Estate planning is essential to ensure the well-being and financial security of children. Establishing basic estate planning documents like a will, powers of attorney and guardianship can provide peace of mind for new parents and protect their children's interests.

5. Prioritize Retirement Savings 

Prioritizing retirement savings alongside saving for children's expenses is necessary. A well-established budget can help achieve this balance and ensure that new parents are prepared for the future.

6. Parental leave is significant 

Understanding the significance of parental leave on financial stability can help new parents make informed decisions. This includes considering the impact of parental leave on their overall financial situation and making plans accordingly.

By understanding the significant expenses associated with childcare, planning ahead for college costs and prioritizing retirement savings, new parents can make informed decisions that will benefit their family's financial well-being. With the right guidance and planning, new parents can navigate parenthood with confidence. Connect with an advisor today to set your family up for success.