For many, the arrival of a new child is an exciting time. With this addition comes more financial responsibility, as they can bring big expenses! Prepare for this change by creating a budget to manage your growing family's finances.
- Review Insurance and Will
- Open Savings Account
- Evaluate Additional Costs
Review Insurance & Will
It’s important to review your medical insurance as most insurers require you to add your new child to your policy within a specific timeframe. If you don’t already have life insurance, now is the time to purchase a policy. Some employers offer life insurance while you work for them. Review what is available to you and consider purchasing an independent policy. This is also a good time to review your beneficiaries and make any changes.
Open Savings Account for Child
You may want to open a Savings Account for your child. This can help with future expenses, such as education or healthcare costs. We have Youth Certificates that can help you build up your child’s savings through a tiered rate and quarterly dividends.
Evaluate Additional Costs
A general guideline for saving is to set aside at least 3-6 months of living expenses. If you don’t have a source of income during your maternity or paternity leave, it is vital to save even more money. Ensure your vehicle will be reliable and large enough for your new family. If not, it may be time to consider an upgrade. Make a plan for childcare as well, by researching your options and getting a close estimate of what the costs will be.