Financial Checklist for New Parents

There’s nothing like the joys of becoming a parent…except for the stress and anxiety that comes with it. Some parents can roll with the punches—but others are better off planning each detail. Regardless, of which camp you fall, here is a financial checklist for new parents with things to do shortly after welcoming your new bundle into the world.

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The Real Cost of Baby’s First Year

My wife likes to comment on how I see everything in dollar amounts. Whether it’s buying a new TV or picking out cereal…I can’t help it, it’s just how I’m wired.

I can’t be the only one, right? There has to be others out there who research six brands of car seat to discover the best cost/benefit ratio right? But when it comes to having a baby, the costs can vary…big time.

I want to give my fellow “price checkers” a real look at the first year cost of having a baby. Not an estimate or a range—what our actual costs were during the first year as new parents. In no way is this meant to create judgement or comparison. Your budget is will certainly be different than mine—some higher and some lower. But I hope being transparent helps some parents become more prepared for those first year expenses.

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The Making of Prosperion Planning

As advisors, we believe in helping people make the right choices at the right times. In finance that usually translates to helping those 55 and over with retirement planning, investment advice, and other money needs. We help to ensure their road to financial success doesn’t end before they need it to.   

But we noticed a problem.

Financial advice isn’t only for the wealthy or for those about to retire. In fact, financial advice can often have a bigger impact on those who aren’t rich and old. There are two basic elements involved in the magic known as compounding interest: investment amount and time. You may not have thousands of dollars to invest, but you have time. Way more time than those about to start retirement. As a result, the sooner you start saving and making smart choices, the more likely you are to actually acquire wealth.

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