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Thinking about expanding your family?

Planning Financially to Expand Your Family

Some financial prep now can bring you some comfort and peace of mind for when your newest family member arrives.

Considerations

What to know before you grow

Kids can be expensive – and the expenses can start long before they arrive. Pregnancy, IVF, adoption and surrogacy costs can be overwhelming. Here are some considerations to keep in mind to help you prepare.

Maternity / paternity leave

If you are currently working and plan to take time off, how much will you need to supplement any potential unpaid income? If you decide to return to work will it be full or part-time?

Childcare

Will you be looking at in-home or center-based childcare? View current childcare costs by state to help you plan for this expense.

Day-to-day costs

How will you plan for the basics children require such as food, diapers, clothing and medical care? Make a list, err on the side of caution and don’t be afraid to over-estimate.

Room to grow

Will you need more space as your family grows? Will you renovate or upgrade your home?

Put your plans in motion

After you know what to prepare for financially, you can begin setting the foundation for your family’s future. Explore savings options, investments and life insurance. A Webster Investments financial consultant can offer personalized guidance.

Learn more about Webster Investments

Quick-win resources

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Parenting quick-wins

  • Savings: Along with a personal savings account that you can set up in your child’s name and keep jointly until they are of age, there are a couple of other accounts to consider opening:
    • Custodial trust accounts: Give the beneficiary access to funds when they turn 18 and the money grows tax-free.
    • 529 plans: Offer tax and financial aid benefits. They can be used for savings and investing for K-12 tuitions in addition to college costs. Almost every state has at least one 529 plan.
  • Home equity loans: Expanding your family can mean upgrading your space. Home equity loans and lines of credit can fund a renovation project, giving you the lump sum needed upfront for necessary home additions.
  • Prepare for the unexpected: Life insurance helps to ensure your family is cared for in your absence.

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