Few life events are more exciting and fulfilling than having a child. If you are anxiously awaiting the arrival of your first or adding additional kids to your family, financial concerns are part of the job of being a parent. Making wise choices now will help ensure that your children have choices in the future. With the addition of a new member of the family comes more financial responsibilities, which makes achieving other long-term financial goals such as retirement even more challenging. You need expert advice on how to meet your long-term goals and make your investments work harder. You will need to consider how much it costs to raise a child and how much you should set aside for emergencies. Your pride and joy will provide an annual income tax credit and deduction, so you can recover some of your expense at tax time. With a new dependent you can claim one more exemption on your income tax. But first you need to apply for a Social Security number for your child. Also update your W-4 form at work to increase your number of tax exemptions. You may also qualify to take advantage of additional deductions through the Child Tax Credit and the Childcare Tax Credit. The following financial tools will also help you sort through budget concerns: When you have a child you need to review your insurance coverage. If you don't currently have life insurance now is when you need to buy it to ensure a solid financial future for your family in case of an untimely death. You also should review your health insurance with your company benefits administrator. And you may also want to purchase Disability Income Insurance if you don't currently have it. It is never too soon to start planning. The earlier you start investing for your child's college education the easier it will be. Find out what it will take for you to save for a college education. We care about all our members and their families. You have many new responsibilities to go along with your new child. A Harborstone Financial Advisor can help you meet your new financial responsibilities and still achieve your long term financial goals for the future including funding a college education for your child and a financially secure retirement. We can help you with your financial planning and selecting the right investments to meet your goals. A Harborstone Financial Advisor can review your current insurance coverage with you and make sure you and your family are covered. And through Harborstone you can access a wide variety of insurance products to protect your growing family. To schedule a complimentary appointment with a Harborstone Financial Advisor, call (253) 589-8396 today.What To Consider
Financial planning
Tax benefits
Insurance
College Planning
How Harborstone can help