No matter what else we do in life, or how we earn a living, there’s no job more important than parenting. Raising a child requires responsibility, commitment, selflessness, and unconditional love. Children are the ultimate investment because they are the future, and every parent wants the brightest future for their youngster.
That sweet little cherub cooing and smiling in your arms seems to become a teen-ager almost overnight. Every stage brings its own expenses from diapers to braces to cell phones. Oh, and don’t forget the cello lessons and the soccer uniforms and the laptop computer. Fortunately, all those expenses don’t hit you at once, so you have time to plan and prepare for each stage.
Ideally, you set financial goals for your family early on, but it’s never too late to make a financial plan and put it into practice. A household budget is the most basic tool for keeping your family on-track financially. A budget helps you see how much you’re spending, and what your money is buying. A budget helps you set priorities for purchases and for savings goals. If you involve your children in the budget process, they’ll learn to appreciate the cost of things, too. How much information you share will depend on your children’s ages, because your goal is to teach them, not to scare them.
College tuition is typically one of the biggest expenses that parents worry about. It’s always best to start saving for college early on, but don’t despair if you just can’t seem to squeeze that into your budget. To learn more about financing a college education, go to Paying for College.
Sufficient life insurance coverage is especially important when you have children. Not only does life insurance protect your family if the wage-earner dies, it can be a savings vehicle, too, providing income when you need it most. Contact your Western & Southern Life representative for more information.
Products for this Life Stage:*
Once your own goals are clarified, protect your children with life insurance.
Mutual fund investments are a great way to build a secure financial future for your kids.
More Help for the Tricky Job of Parenting:Compare Savings Tool can show you how your family can save for future needs.
Western & Southern Life does not provide tax or legal advice. Please contact your tax or legal advisor regarding your situation.
*Products suggested for this Life Stage are not a specific recommendation or solicitation to purchase. Mutual funds are offered through an affiliate of Western & Southern Life.