Create your financial to-do list: Get Organized for the Future
This is a sponsored post in partnership with The Guardian Life Insurance Company of America.
Having a baby creates new financial considerations for your family - from diapers to baby food to future education costs. So, it’s important to plan and prioritize certain aspects of your finances. Here are five ways you can get started:
1. Get financially organized
Start by reviewing your current budget. Consider the new expenses that come with having a newborn: formula, diapers, clothing…etc. Revisit and reorganize spending habits as new parents. Perhaps you have some existing non-essential spending habits that can be eliminated to cover your family’s new expenses.
2. Add your child to the benefits you receive from employer
If you’re working, talk to your HR partners and examine your existing benefits – and have your spouse do the same. You should be able to add your child to any plans that you’re already a part of or may be available to you with the birth of a child.
3. Use your Flexible Spending Account or Health Savings Account
Your company may offer one or both of these types of savings accounts as part of your health benefits. These plans help cover deductibles, co-pays, and various medical expenses that come with having a new baby. Even contributing just a few dollars can help offset your bills.
4. Consider life and disability insurance
Protect your family from the unexpected. By choosing life or disability insurance, your child and family could be financially protected in the event of death or a disability that impacts your ability to earn income. Our partners at Guardian Life can help you learn more and get a real-time quote.
5. Plan for college savings
Start now and save what you can towards your child’s future education. You can always increase the amount or change your strategy as your income grows. Some permanent life insurance products, such as whole life insurance, come with a cash value benefit that could be used as another means to save for education1.
Our partners at Guardian Life are here to help. Get started today!
Guardian® is a registered trademark of The Guardian Life Insurance Company of America. © Copyright 2022 The Guardian Life Insurance Company of America. Hey, Milestone is not an affiliate or subsidiary of Guardian.
1 Some whole life polices do not have cash values in the first two years of the policy and don’t pay a dividend until the policy’s third year. Talk to your financial representative and refer to your individual whole life policy illustration for more information
2022-140140 Exp. 6/24