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04/11/2017 - Family Planning from the Piggybank's Point of View

Family Planning from the Piggybank's Point of View

Family planning often means financial planning, and quite likely, a change in the way you see your finances.

If you're expecting a new child, one of the first things you'll want to consider is any loss of income that will occur during and after pregnancy. (Maternity leave policies can vary, so be sure to review your company's policy in advance.) Another consideration is the cost of childcare. Study your daycare options early, and plan beforehand.

Welcoming a child into the world also means shouldering some new day-to-day costs. Your baby's food, clothing, and especially diaper costs will increase your household expenditures. It's wise to plan for "unforeseen expenses." While there's no way to know exactly what those will be, I can tell you from experience you'll have them.

Finally, you'll want to consider your baby's future. Education planning can never start "too early" – in fact, you can actually start planning for college even before a child is born.

Ask many financial analysts, and they'll tell you a home is a family's biggest investment – but can any material investment compare to the investment we make in our children?

Is there ever an investment more valuable?

If you'd like assistance setting a financial plan in motion for your family, please call me at 419-358-4207, or send an e-mail to kdunlap@cfdinvestments.com. I'll be happy to speak with you.

Happy planning,

Gary Reese