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The joys of becoming a parent and moving from “me” to “us” and “we” can be an incredible moment for many people. Along with the joys of new parenthood comes a growing sense of responsibilities, some of them obvious. Your newborn needs constant care – the need to be fed and bathed and looked after at all times. Other responsibilities can be less obvious, such as the importance of financial and estate planning.
As your family grows, financial security becomes more of a priority as you aim to make sure that your loved ones have money to meet basic needs, no matter what happens to you.
Here are three ways to start building family financial security:
- Live within your means. It may seem like common sense to spend only some of the extra money that you may have. Unfortunately, credit cards easily enable people to fall into the trap of paying with credit, only to realize that they don’t have the funds to pay off the credit card debt when the bill arrives. Learning how to budget and track expenses can help you to learn how to live within your means.
- Obtain life insurance protection. In addition to whatever money you have in the bank, a life insurance policy can help to protect your family in the event of the unthinkable – that something should happen to you. Life insurance coverage enables greater peace of mind, letting you rest assured that your family has protection against the burden of losing your income.
- Plan for the future.Before you know it, your newborn will be grown up and ready to fly away. Whether this means attending a college or junior college to earn a degree or learn a trade – or any other path that he or she may choose – the Gerber Life College Plan1 can be a great vehicle for planning for your child’s future. The College Plan is an endowment policy that has an adult life insurance benefit. It builds cash value over time and provides a guaranteed payout of $10,000 to $150,000 when the policy reaches maturity in 10 and 20 years, assuming that all premiums have been paid. There are no restrictions or penalties concerning how the payout money can be used.
1 Policy Form ICC09-PIE, Policy Form Series PIE-09
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