Financial Strategies

An Educational Piecefor Families

Building a newfuture togetherTips for sleep deprived fi nancially savvy new parents

For many new parents, bringing home

baby means a mix of excitement,

happiness and uncertainty. This

life-changing event can at times be

overwhelming and exhausting – and

it's easy to feel like there are more

questions than answers.

New parents have a lot of questions and concerns –

ranging from did I install this car seat correctly to how can

I make the world a better place for my children.

However, when it comes to your fi nancial questions for your family, you

don’t have to go it alone. Here are some tips designed for new parents

looking to make fi nancial adjustments for both today and tomorrow.

Tip #1: Analyze your budgetBecause raising a family costs a good deal of money, it’s important to

budget wisely for the new expenses you’ll encounter as a parent.

Here are some ideas that may help:

• Get a good handle on your fi nances by setting up a new family

budget. There are lots of online tools (many free) that can help

you get started.

• Be sure to check out parenting Web sites, which can give you great

tips on parenting – and help you understand how much baby-related

essentials such as diapers, wipes, and formula will cost you.

• If you don’t already have one, start an emergency fund. When

unexpected costs arise, you’ll be ready.

Tips for new parents

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Tip #2: Keep your baby healthy Be sure to add your new son or daughter to your health insurance plan(s)

right away. Most insurance companies require that your baby be added to

your medical plan within 30 days of birth. In the midst of all of the changes,

it's something that can easily be overlooked, but not easily corrected.

Tip #3: It’s all in the name…Be sure to update your benefi ciaries on any employer-sponsored benefi ts

you may have, such as group life insurance or retirement accounts.

Benefi ciary designations must be made through your employer or your

company’s insurance carrier.

Consult your legal advisor to discuss your wills or any trusts you need or

that should be updated. (For example, if you decide to make your child,

under the age of 18 years old, the benefi ciary of any insurance policies or

other assets). Be sure to tell your attorney whom you wish to designate as

the legal guardian of your children. That way if an unforeseen event occurs,

the decision is not left in someone else's hands.

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Tip #4: Keep your family’s fi nances healthyOnce you’ve become a parent, it’s more important than ever to make sure

your family members are covered in case the unexpected should happen.

While these are diffi cult things to think about, as a parent, you need to

plan for the unforeseen events that could have a fi nancial impact on

your family. Get a check up and make sure that you understand just how

disability income insurance can protect a portion of your paycheck, and

how life insurance can help protect your family’s lifestyle in the event the

unexpected happens.

Plan for Tomorrow… Starting Today.

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New parents, new responsibilities

As a new parent, you have new fi nancial responsibilities – and you’ll

have a lot to think about. However, you don’t have to do it alone.

I welcome the opportunity to meet with you in the near future to

discuss how I might help you meet your fi nancial goals.

To learn more about protecting what matters, call me today.

MassMutual. We’ll help you get there.®

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