9 Financial Planning “Baby Steps” to Consider When Starting a Family

When you become a parent (or a grandparent), life changes overnight—and so do your priorities.

To set your family up for success and allay financial fears, we recommend you revisit your financial plan by:

  • Designating an emergency fund
  • Assigning powers of attorney
  • Reassessing your insurance policies
  • Deciding how to fund your child’s education
  • Updating your healthcare plan
  • Considering a savings account for childcare expenses
  • Reassessing your retirement contributions
  • Analyzing how the Child Tax Credit may affect your tax liability
  • Creating or updating your estate plan

Starting a family is an exciting time and we wish you much happiness!

And if this sounds daunting, don’t worry. We’re here to help.

Learn more about AMG’s Personal Financial Management (PFM) services.

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AMG's phone number: 303-486-2959