Having a baby is an exciting time but it can also be filled with uncertainty, especially in the financial department. Sure those tiny diapers are adorable, but how much are they going to cost in the long run? (between $1750 and $2000 per child for disposables according to most estimates)
That’s why our friends over at Parent Financial offer “Financial Checklist for New Parents” classes at maternity centers throughout Charlotte and South Carolina. Each class is designed to help new and expecting parents prepare for the important financial changes that come with having a baby.
Founder and Financial Adviser Court Creeden said he started the company after realizing many of his friends with kids didn’t have a clue about their financial futures.
“Some people aren’t sure about their work benefits and what they mean … and now they have to add a child to their health insurance, plus create a new budget that will include things like diapers, formula and daycare.” Creeden said. “We really walk parents through all these items and a number of others. These are things you need to know and understand how they work, ideally before you have your child.”
During the classes, which are held monthly at Novant Health and Carolinas Medical Center locations, advisers help parents answer questions like:
• How much life insurance do I need?
• As a new parent, should I have a will?
• What would it mean for us financially if we got into a car accident?
• How do I craft a budget for our growing family?
• How can we build our savings with this new (expensive) bundle of joy in our lives?
Each class lasts about an hour and a half, and Creeden said often parents set up appointments with specialists afterward for some one-on-one help.
Classes generally have a long wait list, so call 704-557-9754 or email firstname.lastname@example.org to register or get more information on locations close to you. Advisers are currently finalizing dates for 2016 classes.
Even if your kids are well past the diapers and daycare stage, Creeden said Parent Financial still has something to offer. His team works with everyone from new moms to empty nesters.
“If you don’t know exactly what you’re doing in terms of saving, budgeting and planning for college, for example, it’s still important to sit down with someone who can help,” Creeden said.