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Financial tips for growing families



  Financial Tips for Growing Families Starting a family is an important and happy occasion. But it can also be quite daunting for some, especially when it comes to the financial aspects. Frequently asked questions include: How much does all this cost? What type of insurance do I need?

Here's what you should think about to help you prepare financially for the new addition to your family:

Delivery Expenses:

One of the first major costs of having children is, of course, the actual birth. Fortunately, most health insurance plans help cover these costs. But make sure you understand the ins and outs of your coverage, for example if you need to have a pre-authorization or use a network provider. Costs for your child's birth and hospital stay can also vary wildly depending on your insurance coverage, where you live and several other factors. While you probably can not get an exact number in advance, it is wise to call your insurance provider and find out as much as you can. After the baby arrives, have him or her officially added to your insurance plan in a timely manner. Because having a baby counts as a "qualified event," you usually have 30 to 60 days to make changes to your plan to cover your entire family.

The first few years:

Most financial experts agree that basic expenses during your child's first two years of life cost about $ 1

2,000 to $ 13,000 per year, and that the annual cost will only go up from there. These expenses include the obvious things: food, clothing and shelter, as well as childcare, education, enrichment activities and more. There are also initial costs. Things like car seats, clothes, prams and, of course, diapers and formula, which can add up quickly. Starting a budget and setting aside money when you can will help ease the financial stress of the first few years. Having a baby shower or asking for gentle hand-me-downs from friends does not hurt either.

Planning for the future:

Whether you are creating a college fund or something else, it is a good idea to start preparing your child's financial future from day one. A financial advisor can help you understand your options and make a plan that works for your budget. But even if you only start simply by starting an account and making regular contributions, you will make an important investment in your child's future.

Exploring Life Insurance:

When it comes to life insurance, the most important thing you can do: apply early, even before you become pregnant, if possible. Although you can get life insurance early in pregnancy, your risk increases, which can mean higher costs. This is especially true if you have an underlying medical condition or are getting a high-risk pregnancy. At a certain time, your application may be postponed until after the birth of your child. Even if the timing is not ideal, purchasing life insurance is an important step in keeping your new family safe in the long run.

For any family-related insurance issues, call or contact Keller-Brown Insurance Services today.


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