6 Simple Steps to Financial Planning for Parents

Posted on October 21, 2019March 4, 2020

Sara Bailey hopes that by sharing her journey of grief she can provide insight and hope for others who experience loss. She created TheWidow.net as a way to share her unexpected journey of losing her husband and learning to be the best parent (and person) she can be while nurturing her grief.

If you want a simple way to ensure the safety, security, and happiness of your family, then consider putting together a sound financial plan. Financial planning now can provide stability through every stage of parenthood and give you some peace of mind. From preparing for the costs of childhood to making yourself comfortable during retirement, here are six steps to securing your family’s financial future.
Take Account of Your Finances
If you are interested in planning your finances, begin by assessing what you have. Your assets can be everything from bank accounts to real estate. Sit down and figure out exactly what assets you have and how much they are all worth. And consider the true cost of owning your home, including your mortgage, utility bills, and property taxes. Depending on your worth, the kind of assets you have, and your expenses, it may be helpful to seek out the advice of a financial expert. In fact, anyone can benefit from the advice of a financial expert when it comes to first-time financial planning.

Prepare for Your Family’s Future
As a parent, you are used to thinking about the future. You’re already taking measures to keep your family healthy and safe, so now is a good time to think about how your future will impact your finances. Savings should be a part of any family’s financial plan. New parents should think about saving for everyday costs and emergency needs for their family. Education costs begin as early as pre-school, so it is wise to be prepared. It’s also never too early to start thinking about college and retirement. One way to save on monthly costs is to reduce what you pay for auto insurance. If you live in a state with high insurance rates, you can lower these rates by bundling your insurance policy with another type of policy, such as home insurance. Other ways to lower costs include being a safe driver, maintaining a high credit score, and avoiding tickets.

Make Life Insurance a Priority
If you do not already have a life insurance policy, you should make getting one a top financial priority. Life insurance will help your family stay financially secure after you pass away. A term policy is ideal, because you’ll only be paying for it for a specific amount of time. This means you’ll need to choose the right length of term based on your age and budget. A 30-year term policy is a popular choice due to its length and affordability; you’ll be paying a set premium for the entire length of the policy, while giving your family and yourself financial peace of mind.
Plan for Healthcare Challenges
Parents typically invest in health insurance, but you may want to invest in more coverage for your family. If you are injured and unable to work for a long period of time, do you have short-term disability coverage? What about long-term care insurance? The costs of a serious injury or needing for long-term care can be staggering, but specialty insurance can help keep your family’s life on track if the unthinkable should happen.

Practice Family Philanthropy
Giving back is a wonderful way to bring your family together for a good cause. Set aside a portion of your income for charitable giving each year or set up monthly donations. Ask for input from your family to determine which causes you will support. You can even ensure your family’s future while giving back with gift options like charitable gift annuities and charitable remainder trusts. Talk with an estate planner or financial advisor to determine what kind of philanthropy will be most beneficial to your family’s future.Put Together a Will
Writing a will or estate plan can give you peace of mind and give your family financial stability in the future. Work with an estate planner or attorney to draft an estate plan that covers all aspects of your finances. If you have young children, be sure to appoint a guardian and set up some financial safety nets for them. Include any real estate in your will and think about including end-of-life wishes as well. It’s a tough conversation to have, but it’s one that can provide comfort to your family if ever needed.As a parent, you do everything you can to keep your family safe, secure, and happy. So take the initiative to keep your family financially stable as well. Providing a secure financial future will ensure your children can thrive and grow into healthy, happy adults while allowing you to enjoy all of the years ahead of you.
Image by: Pexels

"The various psycho-educational testing Dr. Liz conducted on our son gave us critical clues about where his learning strengths and weaknesses lie so that his needs could be better addressed at home and school. Moreover, because of their warm, kindhearted personalities, both Dr. Liz and her associate, Stephanie, formed an immediate bond with my son. He eagerly looks forward to his weekly therapy sessions. We are so lucky Dr. Liz came into our family's lives when she did! For stressed-out families trying to help their children as best they can, she is a calming voice of reason!"

- Julie C.

"Dr. Matheis has a remarkable ability to understand the unique needs of her patients and address them constructively. She builds strong, meaningful relationships with patients and their families, encouraging trust and collaboration. When working with my son who struggles with autism-related anxiety, she created an environment in which he was able to calm down and open up to her in ways I had not seen before. She was able to reach him and helped him work through his crisis/problem. Most importantly, she empowered him to move forward."

- N.L.

"Dr. Matheis is amazing. She has tremendous resources and loads of energy. She is not willing to accept anything less than the most effective results for her clients. She made me feel as if my son was her top priority throughout the entire process. I would, without reservation, give her my highest recommendations. Thank you, Dr. Matheis!"

- Anonymous

"Dr. Matheis has an amazing ability to read kids and connect with them. She has been an invaluable resource for our family over the past several years and has helped us with everything from educational consulting, to uncovering diagnoses as well as family therapy. Working with Dr. Matheis never feels clinical and most importantly, our children love and trust her. We can not thank you enough Dr. Liz!"

- Anonymous

"My teenage son had been seeing Dr. Matheis through his senior year of high school, as he was only diagnosed with ADHD at 16 years old. Dr. Matheis came highly recommended from our pediatrician and she has done wonders for our son as well as our family, navigating new ways for him to deal with his diagnosis without the use of medication. She taught him ways to organize himself and even when something did not work for him, she patiently continued teaching him new ways to keep himself on track. She has also helped us as parents to understand how his mind works so that we did not continue to blame his lack of focus on him, rather on his unique way of thinking. Thank you Dr. Matheis!!!!"

- LG

"Dr. Liz is the best! Our family was directed to her by our Pediatrician to assist with figuring out severe mood changes, severe anxiety, strange new fears and food aversion that had come onto one of our children literally overnight. After just a couple of visits, she suggested that the issues may actually be rooted in a physical issue and suggested we immediately take our child to be swabbed for strep, because Dr. Liz suspected PANDAS (a pediatric autoimmune disorder brought on by strep). The same Pediatrician that suggested Dr. Liz would not do the swab (they do not believe in PANDAS and we no longer go there) but I took my child to my doctor who did the swab and it was positive for strep. When our child went on antibiotics, within 24 hours all symptoms went away and our child was back :-) Dr. Liz then recommended a PANDAS specialist who helped us and our child is in complete remission and is happy and healthy. We are incredibly grateful to Dr. Liz for her knowledge of all things, even the most remote and unusual and for helping us so much! Thank you!"

- Anonymous

"The various psycho-educational testing Dr. Liz conducted on our son gave us critical clues about where his learning strengths and weaknesses lie so that his needs could be better addressed at home and school. Moreover, because of their warm, kindhearted personalities, both Dr. Liz and her associate, Stephanie, formed an immediate bond with my son. He eagerly looks forward to his weekly therapy sessions. We are so lucky Dr. Liz came into our family's lives when she did! For stressed-out families trying to help their children as best they can, she is a calming voice of reason!"

- Anonymous

"Thank you, Dr. Liz. Although we have told you countless times, it will never feel enough. You have listened when J could barely speak and continued to listen when he was sad, angry and confused. You've challenged him and directed us in our roles as parents. You've helped J face his fears while the list evolved and changed, and yet you've stayed committed to 'the course.' We pray that your children realize that time away from them is spent helping children learn and that vulnerability is a sign of strength and bravery."

- June I

"My son was admitted to an Ivy League school when only 2 years ago, you assessed him and saw his struggles, his Dyslexia. We are grateful that he no longer has to carry that deep feeling of inadequacy or shame that must have kept him so self conscious and from reaching his potential. He has the PERFECT program for him. He has A's in high math and economics. He became a Merit Scholar, a Boys State legislature, the HEAD captain of the football team and help a job ALL while studying and managing his classes and disability. I am PROUD of you, a young doctor, who knows and sees the vulnerability of children and helps them recognize "it's NO big deal" God bless."

- Anonymous

6 Simple Steps to Financial Planning for Parents

Learn More About Dr. Liz!

Subscribe to our Mailing List

Sitemap

Where to find us