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Starting a Family

Are you starting or expanding your family? Let us guide you through planning a sound financial future for you and your growing family.

Young couple hold their newborn baby together in their home.

Financial Planning for Your New Family

Becoming a parent will likely be one of your greatest adventures. Besides the excitement, chances are you're nervous about all of the changes and new responsibilities coming your way. As you prepare for your growing family, it's important to consider a few key financial decisions.

What to Expect

You have lots to do before your little one arrives. And it’s not just about cribs, diapers and baby gear. 

Budgeting

Create a budget. Actually, make that two budgets, one for the pregnancy and another for after the baby arrives. The pre-baby budget should include increased medical care costs and potential unpaid maternity or paternity leave. Post-delivery budgeting should cover long-term or recurring costs, such as diapers, food and childcare.

Create or increase your emergency fund

Establish or increase your emergency fund before the baby arrives. Having at least three to six months of income on hand will give you peace of mind should you or your spouse lose your job or need to take a longer leave than planned. An emergency fund will also provide an extra layer of security for future medical bills resulting from accidents or medical emergencies.

Fund your childcare

Consider setting up a Flexible Spending Account (FSA) for dependent care, a pre-tax account sponsored by an employer, if one is available to you. Contributions will be deducted from your paycheck and can be used for qualified childcare expenses. Like medical FSAs, you must use the funds each year. The current maximum annual contribution is $5,000 for married couples filing jointly or individuals filing as head of household.

Save for retirement

It can be tempting to stop or reduce your retirement savings as your priorities shift and you face the increased costs of raising your child. Don’t give in. It’s more important than ever to save for retirement – at least as much as your employer match, if applicable.

New dad putting the baby crib together.

A To-Do List for New Parents

  • Request a Social Security card for your newborn and order a certified birth certificate.
  • Update beneficiaries, including 401(k)s, IRAs, insurance policies and trusts.
  • Add your child to your health insurance policy and choose a pediatrician who is within your policy’s network to keep your out-of-pocket costs as low as possible.
  • Review childcare options in your area well in advance. Newborn care can be costly and often in short supply. 
  • Create or revise your will to make sure your child and any future children are protected.

We can help you get there

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Purpose of Financial Planning

The purpose of a financial plan is to define how your income and assets can provide for a lifetime of happiness. Healthy savings habits, spending discipline and appropriate investments are necessary to meet your goals. But, you need more than just a plan.

LEARN MORE about how we can help you with Financial and Retirement Planning.
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Paying for College

We understand that you want to do everything you can to help your children succeed. Focus on how you can prepare and save for the college costs you know are coming.

LEARN MORE about how to plan for college expenses.
Lynn Carlson
Lynn Carlson, VP Consumer Banking Regional Manager, Racine, WI

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