Responsible Parenting

The Financial Realities of Parenthood

In addition to stocking up on diapers and formula, you'll want to plan ahead for the financial realities of parenthood. The addition of new one is the perfect time to review your needs and develop new plans.

• In the event that something happens to you or your spouse, the right life insurance can protect your child's future. Make sure you have enough to cover basic expenses for a child and surviving spouse. You might also want to consider purchasing enough insurance to cover your childrens' college educations.
• The addition of a new baby means it's time to review your will. Plan to revisit issues like guardianship every three to five years as circumstances change.
• The addition of another family member means your space requirements increase. If the little one will make quarters too close for comfort, consider hiring a realtor - they are invaluable for families. Realtors are familiar with school systems, neighborhood issues and local resources - all of which can help you avoid costly mistakes.
• College Tuition seems to increase by the day. Plan to begin saving now through one of the many tax-deferred investment vehicles offered in the state of North Carolina. For more information visit the College Foundation of North Carolina's website at www.cfnc.org.