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Having a Child


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This changes everything. Suddenly, you're responsible for this brand new little person. It's an unbelievable feeling. But it comes with unbelievable new responsibilities. After all, it's no longer just the two of you. Not to fear. With a little planning and preparation, you'll be ready to experience all the joys of being a new parent.

Consider this

Welcome to parenthood! Some of the things you now need to consider have never crossed your mind before. And we're not just talking strained peas versus apple sauce. Luckily, working with an advisor along with a Guardian Financial Representative, new families are able to understand all the challenges and opportunities that lie before them when they have a child. As a team, they can help answer your questions, including:
 
• Are child care expenses tax deductible?
• What health insurance plan should I choose?
• Should I open a flexible spending account?
• Do I qualify for child tax credits?
• What are the implications of taking maternity/paternity leave from work?

So much more to protect

As soon as you have a baby, you have so much more to look out for than just your own financial interests. All of a sudden, there’s another human being who is utterly dependent upon you for, well, everything. Which makes owning life insurance  not simply important, but absolutely indispensible. Disability insurance is also key to ensuring you can continue to provide for your child if you become ill or are injured and can no longer work.

Beyond the terrible twos

Looking after your new baby’s immediate needs is practically a full time job. But don’t let that distract you from keeping an eye to the future. Daycare, preschool, camp, piano lessons, math tutors — they’ll all be here before you know it. And with them comes expense. Investing now for your child’s future will help you meet those expenses more easily. Set aside a little money each month for a 529 College Savings Plan. Or, better yet, consider opening a whole life  policy for your child. As the cash value grows, your child will have the financial power to pay for education expenses, their wedding, or the down payment on their first home.