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5 Financial Tips for New Families

Keep It Simple

When you suddenly have this completely helpless creature to care for, securing the financial future can feel like a daunting task. Under any circumstances, who has the money for that, or the comprehensive knowledge? And under current circumstances, who has the time? You've got diapers to change!

Take this tip to heart: Keep it simple. The fact is, few people can think of absolutely everything they need to save for, let alone actually save for it. The goal here, when you're just starting out and you have so many other things to think about, is to get the basics done and paid for and make a reasonable plan for your future needs.

If you can't find the time or extra money to see a financial advisor about your will and all the different types of insurance and savings plans and retirement options, get it done online using a service that walks you through each step. You don't have to set everything up perfectly right now, and the fact is, there is no perfect setup. As you move forward, your family's needs and circumstances will change, so you'll always be making adjustments to your portfolio of budgets, safety nets and instructions. What's most important right now is this:

  • Figure out your new budgetary needs.
  • Set money aside for an emergency fund, a retirement fund and a college fund.
  • Draft a will.
  • Buy life insurance for both parents.

With your basic financial needs addressed, you can put your energy into coming up with new and creative ways to get your little sweetie pie to sleep. Those four solid hours are calling. You can figure out who gets your mother's china some other time.