Having a child is such a blessing and will likely fill your home with love and laughter. There are names to pick, clothing to buy and supplies to stock up on. But with a new baby comes a load of responsibility and expenses you must prepare for before your little bundle of joy arrives. With all the short-term purchases and plans to consider, it’s easy to forgot your long-term goals. Safeguarding your child’s financial future can me the most valuable purchase you make for your little one, which is why I?ve partnered with PolicyGenius?to provide tips and advice on creating the best safety net available for your family.
Tips to Safeguard Your Child’s Future
Review your finances and discuss your family’s budget with your partner
Estimate the added costs of diapers, clothing, gear and other baby needs. It adds up quickly so you’ll definitely need to adjust your budget to provide for the new baby. A monthly budget planner might be able to help you. You might even consider eliminating certain monthly expenses to accommodate for the new baby expenses.
Create an emergency fund
If you don’t have one already, this is the perfect time to start one. Make a plan to set aside a 5-10% of you household income each month into the savings account until you have at least 3 months of regular living expenses set aside in case of emergency. It’s always a good idea to have money set aside for any situations that life might throw your way. Many employers offer a savings fund where a percentage or certain dollar amount of each check is put into the account. A loose change jar is another good option as spare change can add up rather quickly!
Start thinking about life insurance.
Life insurance can be the best financial safety net you can create for your family. While no one wants to think about leaving their loved ones behind, obtaining life insurance will certainly soften the impact for your family. A 20-year $500,000 term life policy can cost as little as $17.93 per month (for a healthy 30-year-old female) and could cover everything from daycare in toddler years, classes in school year and college tuition. In just five minutes, you can quickly receive a life insurance quote and apply for a life insurance policy through PolicyGenius.
Choosing a life insurance policy may seem like a difficult task to some, but PolicyGenius makes it simple thanks to their life insurance navigator. If you?re confused or looking for additional information, there Learn Center is full of answers to common life insurance questions to help you shop for the plan that’s right for your family. Whether you’re looking for $25,000,$1,000,000, or unsure how much life insurance coverage you need, PolicyGenius will help you find the life insurance plan that’s right for you and your family.
Their decision support tools and unbiased advice allows them to give you the best customer service possible, in a fully transparent manner. Since PolicyGenius is not actually affiliated with any insurance company, all of their advice, quotes and educational guides are focused solely on your needs as a customer. They gave me the sense that they were there to help me, not the insurance companies.