Mark and Kate have been married for two years and have recently found out that they are expecting a baby in 7 months. They are very excited to have their first child and look forward to finally putting their spare room in their house to good use as a nursery. They are wondering what sort of planning they should be doing above and beyond to support their newborn baby in the best way possible.
Budgeting for the basics
Having a baby on the way means a lot of planning needs to be done. Mark and Kate will want to create a checklist and cover the main categories. These would include nursery prep, travel, feeding, diapering, baby care, bathing, clothing, and parental wellness.
Mark and Kate need to also budget and plan for the additional changes that can and will occur going forward. They need to start thinking about how the costs of a child will offset other payments in their life such as their advanced mortgage payments; should they be scaled back to regular payments? Or planning for their child’s university now, how should Mark and Kate best allocate their resources to future planning while thriving in the present. Mark and Kate are also aware that parental care.
Create a Financial Plan
Mark and Kate know that having a Financial Advisor is critical when discussing how to best plan for your child’s financial future. They understand that taking the proper steps and managing your finances during pregnancy reduces stress and anxiety later, while also ensuring your child will have the support needed when reaching key milestones in their lives. Knowing how to best manage your resources through professional consultation, along with how to best protect your child in a case of anything happening to Mark and Kate helped to put them at ease.
Whatever situation Mark and Kate find themselves in, we would use our expertise, experience, and our commitment to excellence to provide Mark & Kate with the best level of client support available, and guiding them towards the best outcome possible given their unique situation.
If you have a similar story to Mark and Kate, reach out to us and one of our experienced advisors will be happy to assist you.