Start your child on the right path from Day 1
It is important to consider the financial needs of your child. These tips will help make sure your child is well taken care of from birth to college and beyond.
Open a Savings Account
Most financial institutions make it easy to transfer money into a savings account on a regular basis – you can even start before your baby arrives. Think of it as your go-to fund for supplies and surprises.
Modify Insurance Coverage
First, add your newborn to your health plan. Then, make sure your life insurance policy includes your growing family. Next, update beneficiary designations on your 401(k)s and IRAs.
Create an Estate Plan
No matter how old you are, plan to protect your family and assets. Update your will and trusts, and put in writing who will take care of your child if you’re not around.
Start a College Fund
Yes, college may be 18 years away, but starting to save early is the key. Take a look at tax-advantaged investment options and make regular contributions.
Contact an investment professional to help you take the first steps to securing your child’s financial future.