Planning to start a family

Start making financial decisions first
Updated: Dec. 4, 2020 at 8:44 AM EST
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RICHMOND, Va. (WWBT) - Starting and raising a family is more expensive than ever these days. So, while it’s fun to figure out a nursery and buy new baby gadgets-- there are some financial steps you should really take when you learn you’re expecting and right after the baby arrives.

Michael Joyce with the Richmond financial firm Agili says- number one-- you need to have a financial plan. Start budgeting money early for all the things you will likely buy once baby arrives.

Update your beneficiaries on all your accounts and your will, in case something ever happens to you.

And look at starting a college fund. “We started saving for my sons when they were 30 days old. I mean, as soon as we got a social security number for them we start saving at least a little bit every month,” said Joyce.

Experts say if you set aside $25 a month-- to start. That will add up over the 18 years. And if you have a 529 account, the money you add will accrue interest.

Joyce says don’t just think about the baby clothes and diapers when you start to plan for a family. Consider the financial implications that will last 18 years or longer.

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