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For a Rainy Day and Beyond
Start Saving Before Baby Arrives By Gina Roberts-Grey
Life Insurance Contemplating your own mortality is hardly something a parent-to-be equates with bringing a wonderful new life into the world. Although you hope to not need it, making sure you and your spouse have proper life and health insurance coverage prior to having a baby helps protect your family.
Life insurance premium rates are generally based on your age and health at the time of purchasing the policy. Lock into a low rate and adequate coverage now that your family can grow into for many years to come. Remember to factor for expected increases in your earnings and at least six months of your average bills in order to purchase coverage that will ensure your family maintains their current lifestyle and can afford education expenses.
Mutual Savings
With many funds and growth stocks offering low to medium risks, you can save for setting up a new nursery, daycare or tuition. "For as little as $25 per month, you can have a mutual fund to rely on as your family grows," says Sabo, who alsosays adopting an attitude that depositing money into some type of savings plan is as important as paying your monthly bills. With the mindset of "what you don't see, you won't miss," arranging for your mutual fund deposit to be automatically debited from your paycheck or primary checking account further simplifies saving money. A Number of Tuition Options
Taking advantage of employer-sponsored 401(k) and pension plans are a few smart options to provide for your retirement; however, your family will need financial solvency years before you'll retire and access those accounts. Establishing an education savings account before your child is born allows for even more time to prepare for his or her educational needs. - Education IRAs are one possibility, but they have many restrictions and limits. These accounts limit the amount of money you can contribute per year, often carry strict penalties and may only be available to one spouse depending on your work status.