Starting a Family
Building Savings for Your Bundle of Joy
Starting a family is a major step. Your goals and priorities can change quickly. While you could earn and spend your money as you'd like before, you now have to make sure that your family's needs are met first.
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Step 1
Adjust Your Budget
Ramp up savings and reallocate spending to cover the jump in food and clothing costs, as well as new expenses such as diapers and child care.
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Step 2
Update Insurance Options
Look at your current health insurance arrangements and understand your coverage options for childbirth. Update them accordingly and budget for anything that won't be covered. Revisit your life insurance policies, wills and retirement plans to update your beneficiaries. If you haven’t already set up these documents, now is the time to do that.
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Step 3
Plan Your Leave
Does your employer offer maternity or paternity leave? Determine what you can afford to take and understand that you may have to make some tough choices about when you return. Weigh the options when it comes to child care as well, including how feasible it is for one parent to stay at home with the child.
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Step 4
Understand Tax Implications
Having a child affects your taxes. Take time to familiarize yourself with these IRS tax tips for new parents ahead of time.
Future Finances
In addition to managing your own finances, set aside funds so that your child has money of their own to learn responsible money management as they grow.
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Savings Accounts
Accounts and tools tailored to help you meet your savings goals.
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Education Savings Options
Find the best option to save for your education, from ESAs to certificates.
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Certificates
Start saving today for your future. Explore low-minimum, standard, and IRA options.
Learn Moreabout Certificates
Investments
Navy Federal Financial Group, our wholly owned subsidiary, has representatives who can help you create a portfolio to build savings for yourself and your children.