On Father’s Day: Family Financial Preparation
"Raising kids comes with plenty of financial responsibility," said
Perhaps the most prominent concern for parents is paying for college. As the costs of college continue to rise, so does the stress on parents' pocketbooks. It's never too early to start saving for a college education, and doing so allows parents to take advantage of compounded interest. A 529 Plan for each child is a good way to do this.
A few other things for fathers to consider include disability and life insurance – for both parents. These are vital to have in the event of unforeseen health issues and can be a boon when the unexpected happens. Many companies make these policies available for a small monthly payment.
Furthermore, having a detailed will in place will ensure that assets are distributed correctly and that surviving family members receive funds as designated.
Finally, as kids age, dads should take an active role in their financial education. For instance, parents could give their kids a small allowance and help them to prioritize between spending and saving that money. Fathers should also take the time to engage kids in banking activities to teach them how things like checks and debit cards work.
|Source:||PR Newswire Association LLC|