Starting a Family
Starting a family is a major endeavor for most adults. When you are about to start a family, your financial focus shifts as well. When you were single, you could earn and spend your money as you'd like, but now you have to make sure that your family's needs are met first.
Having a family can be expensive: You must take care of your kids' needs, and you may even lose one income source if you or your spouse stays at home to take care of them. You'll need to hire babysitters, constantly buy new clothes for the kids, and be prepared for a whole lot more expenses.
According to CNN Money, raising a child until she or he is 18 costs a middle-income household on average $245,340 -- enough to pay for a house or make a satisfying contribution to your retirement portfolio.
If this all sounds depressing, it doesn't have to be. With careful planning, you can stay in control and have a great family without breaking the bank.
At Merrimack Valley Credit Union, we can help you:
- Put aside money for unexpected expenses through our high-yield savings account
- Start a savings account for your child/ren to learn good savings habits
- Provide tools for you to plan your monthly budget
- Plan for your child/ren's college education through our Financial Advisors
- Protect your family from unforeseen events with affordable insurance plans
If you would like to learn more, please schedule an appointment with your branch manager.