Financial Tips For Expectant Parents

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

When you think about what it means to be an expectant parent, what are the top three things you would say you have to plan for? The baby's room? What you will need to bring to the hospital during delivery? Picking a name? Although these are all very important topics that need to be addressed in advance, one of the most pressing topics that must be discussed is money – how will personal finances change before and after the baby is born? Unfortunately, however, with so much circling in the minds of expectant parents already, money is often one of the last things on their list of things to consider.

To make the process of preparing for a newborn easier on soon to be parents, we've put together a few tips to help where personal finances are concerned; check them out below:

• Depending on the availability of maternity leave, all expectant parents should have a plan for who will take care of the baby and when. In some cases, this will require outside help from a babysitter or daycare center, and that can mean added costs. Prior to returning to work, parents should begin seeking additional care to find a solution that works within their budget.
• Although college won’t even be a thought in the child’s mind for another 18 years or so, expectant parents should have an idea about if and how they will save for tuition costs. For detailed tips on how to save for college tuition, check out one of our previous blog posts.
• While the tiniest of baby clothes are often the cutest, expectant parents should always shop smart and choose items that their children can grow into. But shopping smart doesn't just have to do with clothes! To get the most bang for their buck, parents should keep an eye out for sales in baby stores and choose expensive products like high chairs and cribs carefully.

But the financial planning doesn't end there! Once a child is born, we encourage all expectant parents to meet with a financial planner like ourselves to properly plan for how the rest of their finances will change. With new financial obligations in place, it's important to determine how retirement planning, tax planning and estate planning strategies may need to be adjusted.

For more information about financial planning (and by that we mean for the whole family), contact us at (516) 932-5130 today!

American Investment Planners LLC offers tax planning, estate planning, retirement planning and more to generations of families throughout the United States. More information about the services offered is available at www.americaninvestmentplanners.com.