Magellan Financial Advisors

Asset & Wealth Management in Allentown, Pa

The life you imagine is built on the decisions you make today.

 610-437-5650

  •  Home
  • Services
    • Investment Planning
      • Wells Fargo Advisors’ Envision® Process
      • Investment Planning Process
      • Life Insurance Services
      • Estate Planning Strategies
      • Impact Investing
    • Investment Management
    • College Savings Plans
      • College Savings Basics: How & When To Save
    • Business Financial Services
    • Retirement Planning Services
      • Retirement Is For Living
      • Social Security & Medicare Benefits
  • Impact Investing
  • Team
  • Become A Client
  • Work At Magellan
  • Blog
  • 401k
  • Contact

Family & Finances: Starting A Family

Mar 26 2013

 

The first few years of marriage are some of the most exciting. It is a time of freedom and change- new jobs, new living arrangements and making life decisions with your spouse. For many, one of those decisions includes having children.

Getting married and starting a family is an emotional decision, but also a financial endeavor. Prior to getting married it is important for a young couple to get on the same page when dealing with finances. Once married, your financial success is a result of discipline and education. The six areas a young couple should focus on are:

  1. Developing a household budget
  2. Disciplined yearly contributions to qualified retirement plans: This would include company plans such as a 401(k) or 403(b) as well as ROTH IRAs.
  3. Control your debt: avoid the pitfalls of credit cards while paying down college loans.
  4. Creating a liquid cash reserves (money market) in case of an emergency: 3-6 months of expenses is recommended for most couples.
  5. Become educated on investing and investment planning: With the guidance of a financial professional.
  6. Start Saving for Big Ticket Items – Including, but not limited to a house, a new car purchase, a new family member.

Prior to the arrival of the newborn, it is important to reevaluate your financial situation and begin to plan for the changing financial priorities. At a minimum, you will need to:

  1. Create or Update your wills
  2. Review your life insurance to make sure you have adequate coverage
  3. Evaluate your health and disability insurance coverage
  4. Reevaluate your household budget

While all of these are important to complete, your household budget review will take the most time, the most effort, and the most consideration. There are a lot of life decisions that accompany having a baby. Maternity leave and post-baby employment will have a major impact on household income.

On the spending side of the equation, it is important to understand the costs associated with a new member of the family. Over time, the expense of diapers, clothing, and doctor visit co-pays add up. We suggest taking a “non-buying” trip to the store to get a grip on the cost of basics – formula, diapers and wipes.

And don’t forget to start saving for college!!!

Starting a family is exciting and will change your life forever. Prior to the big day it is important to understand what you earn, save and spend and how it will be impacted after the baby is born. Putting in the time upfront to get your financial house in order allows you to concentrate on what is really important once your newborn arrives.

For more information, Magellan Financial, Inc. can be contacted at 610-437-5650 or via email.

Insurance products offered through affiliates.  Wells Fargo Advisors Financial Network did not assist in the preparation of this report, and its accuracy and completeness are not guaranteed.  The opinions expressed in this report are those of the author(s) and are not necessarily those of Wells Fargo Advisors Financial Network or its affiliates.  The material has been prepared or is distributed solely for information purposes and is not a solicitation or an offer to buy any security or instrument or to participate in any trading strategy.  Additional information is available upon request.



Categorized: Family & Finances
Tagged: Family Finance, Family Planning, Starting a Family

Recent Posts

  • Monthly Stock Market Review – January 2021
  • Stock Market Outlook 2021
  • 5 Financial Moves for the Post COVID-19 World
  • Monthly Stock Market Review – November 2020

Categories

Archives

Blog Subscription


Contact Magellan Financial Advisors

MAGELLAN FINANCIAL, INC.

1605 N Cedar Crest Blvd #111
Allentown, PA 18104 USA

 610-437-5650

Toll Free:  1-888-437-5650
Fax:  610-437-5654
Email:  Rob.Cahill@WFAFiNet.com
Click Here for Directions

Financial Services

  •  Investment Planning
  •   Investment Management
  •   Business Owners
  •   Retirement Planning Services
  •   401(K) Retirement Plans
  •   Socially Responsible Investing

Client Resources

  •   Educational Resources
  •   Family & Finances
  •   Business Financial Services
  •   Stock Market Review
  •   Retirement Planning
  • Life Insurance
Investments in Securities and Insurance Products:
Not Insured by FDIC or any Federal Government Agency
May Lose Value
Not a Deposit of or Guaranteed by a Bank or Any Bank Affiliate

Investment products and services are offered through Wells Fargo Advisors Financial Network, LLC (WFAFN). Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC (WFCS) and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affliates of Wells Fargo & Company. WellsTrade brokerage accounts are offered through WFCS.

This information is intended for use only by residents of AZ, CA, CO, CT, DC, DE, FL, IL, IN, KY, MA, MD, NC, NJ, NM, NY, OH, PA SC, UT, VA, VT, WA, WI. Securities related services by Magellan Financial, Inc., may not be provided to individuals residing in any state not listed above. Insurance-related services may be provided by Robert I. Cahill, CFP, Managing Partner, only to individuals residing in: AZ, CO, FL, MA, NJ, NY, PA, SC, VA.

A Note About Social Media
Opinions, comments and actions taken on Social Media are those of the third party and do not necessarily reflect the views of the creator of this profile or of the firm. Social Media is intended for U.S. residents only and subject to the following terms: wellsfargoadvisors.com/social.

Privacy Policy | Legal | Security | Sitemap ©2021 Magellan Financial, Inc. | All Rights Reserved Designed And Developed By DaBrian Marketing Group, LLC.
MENU
  •  Home
  • Services
    • Investment Planning
      • Wells Fargo Advisors’ Envision® Process
      • Investment Planning Process
      • Life Insurance Services
      • Estate Planning Strategies
      • Impact Investing
    • Investment Management
    • College Savings Plans
      • College Savings Basics: How & When To Save
    • Business Financial Services
    • Retirement Planning Services
      • Retirement Is For Living
      • Social Security & Medicare Benefits
  • Impact Investing
  • Team
  • Become A Client
  • Work At Magellan
  • Blog
  • 401k
  • Contact