Holding your little one is a precious feeling. Their tiny little fingers are fragile and delicate. Their smile warms your heart and brightens up the room. During that moment, the world stands still and seems at peace. While it’s hard to believe that they’ll grow up, it’s going to happen, so now is the time to think about the future, giving them a chance to get ahead.
Draw Up a Will
You may not want to think about leaving them, but life is hard to control. Certainly you hope to be with them for a very long time; however, if something happens, you want to be prepared. Work with a power of attorney Raleigh NC to establish documents that secure their future and your wishes. First, think about guardianship. Once that is done, reflect on your own health wishes, who would be in charge of that and who gains control of your personal finances.
Establish a College Fund
Many parents desire to see their children go further in education. The cost of that can add up quickly. Use a 529 account to spread it out over years to offset the burden. Many states offer lock in fees, securing your rate and allowing you to take the next 17 years to save away. As the time approaches to select a school, you can feel good about having some funds already put aside.
Create an Emergency Stash
Responsibility has increased. It’s no longer a time to splurge too much, enjoying excess and living paycheck to paycheck. Head to the bank and create a savings account just for life’s insane moments. If the refrigerator breaks or someone needs to see a doctor, this money is there. Try and put aside ten twenty dollars a month. It might not seem like much at first, but it accrues quickly.
You may not be able to safeguard your loved ones from all of life’s twists and turns, but you can take proactive measures to help them. Consider their stability.