Life Events - Becoming a Parent

The love of a child is priceless, but raising one (or two, or three) certainly isn’t. Planning is the key to reducing your initial costs and insuring against the financial impact of later events.

From Pregnancy:

During pregnancy and even before is a good time to start preparing your finances. Earning interest in a regular savings or high-yield savings account can offset increased food, medical and even clothing costs. You can find helpful budget calculating worksheets here.

Now is also the time to consider whether or not you’ll need more space, and if it’s appropriate to rent or buy. Our knowledgeable loan counselors can help you weigh your options, so you can make an educated decision. Visit our real estate buying a home page to learn more.

To Childhood:

Maternity leave, daycare and supply costs will quickly add up, so the sooner you start saving, the better – though it’s never too late. Products like interest-earning savings, or high-yield savings accounts, money market accounts and even high-yield certificates can help guarantee that money is there when you need it.

And now that you have dependents, it’s a good time to start looking into life insurance options. Our insurance specialists at CUNA can help you find the coverage you need.

And Beyond:

The rising cost of education is daunting, but can be managed. Use our helpful college savings calculator to give you a clearer picture of how much you need it. Then check out our Education Savings Account, which is specifically designed to aid you in meeting those savings goals. In addition, high-yield certificates are great options for setting aside money for college.

Additional Resources

• Raising Money-Smart Kids
• BalanceTrack - Personal Finance Education Center
• Weekly Expense Tracking Worksheet (by Balance)