Expanding your family

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

Man playfully making faces at a baby who is lying down and touching his face

What to know before you grow

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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?  The average cost of center-based childcare in the NY/CT/MA/RI region currently averages around $1,364 a month.
  • Day-to-day costs.  How will you plan for the basics a child/ren require  such as food, diapers, clothing and medical care? Make a list, err on the side or 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?

Resources for family planning

Lending Insights

Five ways to make saving easy and automatic

When it comes to savings, studies show that once we start setting money aside, chances are we’ll leave it there. The hard part is getting started. So how can we get ourselves to save in the first place? We don’t touch it.
Personal Banking Insights

Manage your credit health

Like all things in life, your credit also needs regular attention and maintenance. Before you shop for a new car or house, or apply for any new loan, you should know your credit history and your numbers.
Webster Investments Insights

Becoming a financially savvy single parent

Raising children without a partner can be challenging—emotionally, physically, and financially. Challenged by the work involved in earning a living and caring for children, single parents can sometimes feel that they may never break the cycle of living paycheck to paycheck.

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.

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Begin setting the foundation for your family’s future

Parenting quick-wins

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  • 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.

Quick-win resources

Webster Investments Insights

Buying life insurance: what kind and how much?

Conventional wisdom says that life insurance is sold, not purchased. In other words, some people are reluctant to discuss the importance of owning life insurance, and others are simply unaware of the need to have life insurance.
Webster Investments Insights

Balancing work from home and eLearning: A parent's guide

If the coronavirus crisis has led you to recently join the more than 5 million U.S. workers who work from home, you may still be settling into a routine. Adding homeschooling (or e-learning) into the mix can introduce additional complications.
Webster Investments Insights

Investment Planning: The Basics

Why do so many people never obtain the financial independence that they desire? Often it's because they just don't take that first step — getting started.