Three financial considerations when starting a family

Welcoming a child into your life is an exciting time. There's so much to look forward to and much to consider. When preparing for a baby, what should you budget for? And what pre-baby financial planning steps should you take to ensure that your growing family is set up for success?
Common pre-baby financial expenses may include hospital and doctor visits, fertility treatments and adoption fees. When your child arrives, there are plenty of other costs to factor in, such as baby food, diapers and a stroller, to name a few.
Keep your costs manageable by creating a budget for all your important items and planning for unforeseen extras, such as needing a larger vehicle.
In addition to the costs to prepare for your new baby, you’ll want to think about life and disability insurance to help protect your family if something should happen to you or your partner.
And longer term, opening a tax-advantaged education savings plan allows you to put aside money for your child’s future education expenses.
Balancing saving for your child’s college with saving for your retirement can be a challenge. Consider how you’ll maximize your savings opportunities, such as taking advantage of 401(k) employer matches or supplementing your retirement savings with either a Roth or a traditional IRA.
Growing your family is a big financial milestone. Your Edward Jones financial advisor can help you with your budgeting needs today and your plans for the future.