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Financial Tips for Starting a Family

Posted on: December 09, 2021

Guidance from Your Michigan Bank

Child-collegeBringing a child into your family can be one of life’s most beautiful milestones. And like buying a home, leaving for college, getting marrried, or retiring, expanding your family involves many financial decisions and lots of emotions. If you had a child this year or plan to welcome a new family member in 2022, having a financial plan can provide peace of mind.

Banks in Michigan compiled the following financial framework to help you support your growing household.

Revise (or Start) Your Household Budget

Whether your family will now include a new baby, toddler, or teen, your household expenses will change. Banks in Detroit recommend adjusting your budget to include costs for:

  • Formula, diapers, childcare for infants
  • Extracurricular activities, school supplies, technology devices

For help with developing a budget, here are guidelines to get started.

You may also want to budget for a college fund in your savings plan. You can learn strategies to help save for college or connect with your Michigan bank about savings accounts

Purchase or Adjust Your Insurance Policies

Planning for the unexpected is difficult, but life insurance provides your new family with financial resources. If you have health insurance through your employer, you’ll need to add your family member to the policy. Banks in Ann Arbor note that you have 30 days after the birth of a child to make changes to your health care plan.

If a Health Savings Account (HSA) is part of your employment benefits, talk with your Human Resources department to see if participation will help with medical expenses.

Draw up a Will or Trust

Child-collegeConnect with an attorney who can create a will or trust to protect your children if something happens to their parents. Your legal counsel knows how to draft documents like powers of attorney and health care proxies. The will or trust will detail how to manage your estate, including the use of life insurance benefits, savings, and investments.

Anticipate Tax Changes

When you claim an additional person on your taxes, you may be eligible to use the child tax credit and the child and dependent care credit. Consider talking with an accountant to determine if you should change the number of dependents on your W-9 employment form, which will affect taxes withheld from your paychecks.

Evaluate Your Housing

As your family grows, you may want more living space, or if you have school-age children, you may want to move to a different district. If you decide to explore buying a home, relocating, or expanding your current home, banks in Michigan can help determine what you can afford.

Why Partner with Level One Bank

Secure financial footing will protect your family and ensure you have plans in place to provide a wonderful quality of life for them. The Level One Bank team is here to support your dreams with financial programs, tools, and compassionate, expert advice, so you can focus on creating memories with your family.

Contact us today or visit one of our local branch offices for more information about financial planning for your family.

“Other things may change us, but we start and end with family.”
- Anthony Brandt, author

Posted in: Your Money, Your Life

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