How to Save if You're Expecting a Baby

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 Sara Gelsheimer By: Sara Gelsheimer
Join busy parents and Plancorp employees, Senior Wealth Manager, Sara Gelsheimer, and Chief Investment Officer, Peter Lazaroff, as they talk through important financial considerations to keep in mind when saving for a baby.
In this video, Sara and Peter present a list of topics to consider when saving for a new addition to your family:
  • Health Insurance planning for baby
  • Saving for child expenses - furniture, clothes, medical bills, nanny, daycare, preschool, etc.
  • Where to direct your spending when planning for children - buying new vs. buying used vs. borrowing maternity clothes, baby clothes, furniture and baby equipment
  • Saving for Baby in a separate bank account
  • Check into your company's benefits - HSA accounts
  • Other Considerations - check out our blog posts on life insurance, estate planning, college planning (it's never too soon to start saving for college)

For additional insights, be sure to check out Peter's blog post on setting up a Reverse Budget and making saving automatic; this might be helpful when planning for baby.

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Disclosure:

This material has been prepared for informational purposes only and should not be used as investment, tax, legal or accounting advice. All investing involves risk. Past performance is no guarantee of future results. Diversification does not ensure a profit or guarantee against a loss. You should consult your own tax, legal and accounting advisors.

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Sara came to Plancorp in 2013 with a strong financial background and an even stronger commitment to financial education—particularly for women. A Wealth Manager and Founder of InspireHer (Plancorp's Women's Initiative), Sara is also a new mom. More »