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Parents Should Start With These Financial Planning Priorities to Give Your Family Stability

Many people talk about financial planning as if it’s something you can do one time and forget about, but financial planning should really be a lifelong process. Major life events change your financial outlook and priorities, which is why it’s smart to reevaluate at those times. Starting a family is perhaps the one change that has the greatest, most significant impact on our lives. Whether you have thought about money goals in the past or you’re just starting to think about it, these are the top financial planning to-dos that should be on any parent’s checklist.

 

Update Benefits

 

If you have a good benefits package through your employer, you’re most likely already enrolled in their health insurance program and contributing to a retirement account. The great thing about these benefits is that they can usually be extended to families. For example, most health insurance policies give you a 60-day window after having a child to add them to your policy.

 

Fatherly recommends taking advantage of this enrollment window to make changes to accounts like a Health Savings Account (HSA) or a Dependent Care Flexible Spending Account

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    Magda S. (Hernandenz) Saltzman , Real Estate Matchmaker |Matching People & Places
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