Children Financial Planning: 2 Practical Savings Opportunities for Your Growing Family

Now that you have decided to grow your family, a myriad of new children financial planning and savings opportunities come into play. Sometimes sorting through the universe of options, opinions, and even the planning vernacular can be somewhat daunting (Coverdale’s, UVLIs, Crummey Trusts, oh my!). And of course, the holiday dinner table is always a hotbed of unsolicited personal, political and financial advice, with one relative singing the praises of cash value life insurance, another EE savings bonds, and that eccentric cousin who always pushes the old ‘cash in the mattress’ and gold buried in the backyard strategy. While all may have some merit, the important thing is to get started early, articulate clear goals, and take action.  While more advanced and even multi-generational strategies/structures may become available and appropriate as your family’s planning and finances evolve, initially we suggest considering two simple, yet powerful, savings options outlined below. Any disciplined savings account or structure will not only help secure your new addition’s financial future but also provide a forum to pass down financial lessons and values, whether inherited and instilled by your family or self-learned through your life experience.