Give them the world
And nothing less
The greatest gift
Nothing compares to the joy of having a child. It’s like having a little version of you running around. You get to guide them every step of the way, from their first breath until your last.
You want to give them the best of everything. That means the best love, the best knowledge, and the best life possible. And while you can do most of that with good intentions and hard work, you’ll also need smart money management to give them the life they deserve.
It may seem daunting, but if you prepare and budget properly, they’ll be fine. And we’d love to show you how.
Setting them up for the future
What it takes to have a child
The First Year of Having a Baby
Diapers are surprisingly expensive. So are doctors visits, strollers, and baby clothes (they’re really pricey). How can you juggle all of those costs? Don’t worry, we put together some tips that will help you save more:
- Hand-me-downs: They outgrow clothes, shoes, and cribs so quickly, you don’t always need to buy new ones. See what family and friends have lying around the house.
- Can we help: If friends and family ask what they can bring, don’t ask for baby clothes and toys. As they quickly outgrow outfits and toys, it’s better to suggest necessities like diapers and shampoos that you constantly replace. This will allow you to offset costs.
- Grandparents over babysitters: Babysitters can be expensive. Your parents are often free, plus you know they’ll love spending time with their new favorite grandchild.
- Create a “baby account”: Know how much money you’ll need each week for the baby, and create an account just for that. It will help you keep your finances straight.
Checking All of The Boxes
While none of us like thinking about it, if something were to happen to you, what would your child be left with? It’s better to prepare a will that you won’t need to touch for another hundred years than be caught without one when the unexpected happens.
You might want to consider investing in the following:
- A living will: Make sure that you have everything lined up, in case you are unable to make decisions anymore.
- A trust: Set up your child as a beneficiary and teach them the value of a dollar.
- Life and health insurance: Having the first will give your children something when you’re gone, having the second will help reduce the chances of needing life insurance for a long time.
- Power of attorney: While they might be young for it now, eventually providing them with power of attorney for your finances and health care can ensure you have the best person making decisions on your behalf.
If you’re interested in setting up any or all of the above, give us a call. We’ll talk about your options and see what makes the most sense for you.