New parents are inundated with suggestions and products to help them care for and raise their children, covering a wide range of issues. Some of the more popular topics include feeding, clothing, education, discipline, safety gear, medical decisions, and more. However, new parents don't often get helpful suggestions about money and finances, which can leave families in a financial bind down the road if finances aren't addressed early. In today's blog post, we'll look at the top three financial decisions all new parents should make to give themselves and their children financial security and peace of mind.
Begin A Savings Plan
One of the best things parents can do for their children is make financial decisions early that will benefit their children into adulthood, and for years to come. A perfect example of this is beginning a savings plan early, with funds set aside and earning interest to help pay for college, trade school, or other career endeavors. By having money already set aside for their future, it avoids the need for students to be overwhelmed with student loan debt or credit card debt as they transition from adolescence into adulthood. A nest egg can be a blessing for children for years to come, giving them the financial freedom to pursue their career dreams, or help them in purchasing their own home. In addition, it can be a way to teach good finance management and the benefits of saving at an early age.
Create A Will
Generally speaking, people don't like to think about their own death, or the death of a loved one. It's not a fun or exciting topic, but it is a necessary one, especially when young children are involved. Most survivors can handle settling an estate and dividing up assets, but deciding who raises your children if you're no longer here is a very delicate and sensitive topic. Creating a will and writing out your specific wishes for your children's guardianship, as well as their financial future and inheritance, can give relatives peace of mind and comfort if disaster strikes.
Secure Life Insurance
Establishing a will helps ensure that decisions made about final wishes, the family's care, and estate management are fulfilled. However, simply having a will doesn't provide any kind of financial security or benefit to survivors or beneficiaries. It's crucial that new parents also secure a quality life insurance policy to cover themselves, their spouse, and their children in the event of death. This can provide much-needed financial support to grieving survivors who might not have the ability to make sound financial decisions, or have the available finances to cover burial expenses or existing debts.
New parents have a myriad of decisions ahead of them, but making smart financial decisions early can give new parents peace of mind and comfort, allowing them to focus on their children's care and well-being. Aegis Insurance & Financial Services offers top-quality Personal Insurance coverage to help growing families get the financial protection and peace of mind they need. The friendly agents at Aegis can help you determine your insurance needs, establish financial goals, and provide quality insurance solutions that meet your family's unique needs for Life Insurance, Homeowners Insurance, Auto Insurance, and more. Give Aegis a call today at 713-850-7622 for more information, or go online to request a free quote!