With an Expanding Family Comes New Financial Responsibilities
When a family is expanding, there are a few financial details that parents often consider. A top priority for a growing family is protecting your income, which covers you in the event something happens that prevents you from working. Establishing the right level of coverage to ensure your family is able to meet expenses is important. You may already have insurance through work, which is a good start, but it might not provide you with the full coverage you need.
Another priority for new parents is creating a savings plan, which requires a lot of balance given that your expenses will increase when you welcome new family members. Childcare, groceries, diapers, and mortgage payments can significantly increase your overhead costs. However, prioritizing saving for the future now ensures that you’re prepared for coming expenses, like putting your kid through college.
Tips for Becoming Financially Prepared
- Insurance is a key part of a family’s protection plan
- The younger and healthier you are, the less life insurance costs.
- Choose solutions that align with your needs — and remember that the cheapest option isn’t always the best.
- Consider a combination of temporary and permanent life insurance, so you have the right benefits.
- Preparing for your financial future can be achieved in different ways
- Permanent insurance can help you grow cash value over time and cover future expenses, like college tuition.
- Taxes can have implications for your long-term assets, so speak with an expert when you prepare your plan.
- Combine different products to create a financial strategy that benefits your short- and long-term, including funds you can access without being penalized.
Learn more about options for protecting your family and creating savings for the future — while balancing your budget — by contacting New York Life Partner Danielle Goslin at 956-412-4949 or dmgoslin@ft.newyorklife.com.
