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Practical Money Matters Radio Series

January 23, 2012
Financial Advice for New Fathers

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Consider these tips for preparing for both expected and unexpected expenses, geared toward new fathers and fathers-to-be.

Transcript

Did you know that the average cost of raising a child in America until age 18 is nearly a quarter of a million dollars? And that doesn't even include college. If you're a new dad, or even an old hand, keep these financial planning strategies in mind:

First, get insured. Make sure you have adequate medical, car, homeowners and life insurance to protect your family if something should happen to you. Second, start saving now for your child's college and your own retirement. The earlier you start, the faster and larger your savings will grow.

Bottom line: Prepare for both expected and unexpected costs to keep your family covered.


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