Preparing financially for a family

Having just had a newborn myself within the past few months and continually talking with new parents the financial burden that a new bundle of joy can be overwhelming even for those that may have planned for it.  When people ask my wife and I how we deal with our newly created family we always tell people it takes a village which is why we live so close to family and friends.

Ironically this USA Today article features a financial planner in Metro Detroit that is ready to become a new parent for the first time.  The article offers sound financial advice no matter if you are having children or not.

I will stress this one point of advice for soon to be parents especially those of you that may be expecting multiples such as I had a few years ago.  It is absolutely crucial that you have some sort of emergency fund.  This is an absolute must have in any wealth management plan but especially important when you consider adding members to your family who you will now be responsible for.

Take it from me personally, and I am one that plans quite extensively, there are things that you are going to miss when putting a plan or budget together.  Having that emergency fund is critical because it is highly unlikely that you will be able to add to it early on when you are adjusting to new expenses that you have never had before.