Get Started Today!

Starting a family

Bringing children into your life is a huge change. Here are some items to think about as your family grows.



You envision kids in your future; what can you do to prepare?

Build up your savings

Build a cushion of three to six months’ living expenses in an easily accessible account like a savings account.

Additional Consideration: Do you need an extra cushion for larger expenses such as a house or car down payment down the road?

Provide Income

Protect your loved ones in case of an unfortunate event. Consider buying fixed-term life insurance while you are healthy to protect your income in the event of early death.



That exciting day has come, and you are now expecting a new addition to your growing family! As a result, your priorities may shift. Financially, how can you prepare?

Review your employee benefits

Ask questions! For example, do you need to change your health insurance or add short-term disability insurance? Does your employer offer maternity or paternity leave?

Additional Consideration: Does your employer offer a Dependent Care Flexible Savings Account? This will help save for daycare costs before your little one arrives.

Start Budgeting

Think about your childcare options sooner rather than later. Do you expect to need daycare full-time or part-time?

Additional Consideration: Create a “baby budget” and get your financial household accustomed to that new way of life (perhaps by additional saving). Starting the budget months in advance could help reduce your financial stress when the baby arrives!



Estate planning and saving for your child’s education are a few ways to give your child a head start towards a brighter financial future.

Protect your loved ones

Confirm that the beneficiaries on your bank, investment, and retirement accounts reflect your wishes.

Additional Consideration: Get your estate documents created! These documents ensure your assets are passed along according to your wishes. Essential documents could include:

  1. Will or Trust
  2. Financial or Durable Power of Attorney and/or Healthcare Power of Attorney
  3. Guardianship Appointees
  4. Beneficiary Designations

Save for future education

Begin saving to a college education account such as a 529 plan. Look for a plan with low-cost investment options and offers “enrollment year” portfolios that change their risk as your child gets closer to attending college. Think about how much “skin in the game” you expect your child to contribute through working and student loans.

While saving for college is important, it should not come at the expense of your own financial security and retirement. One alternative to a 529 account could be a general investment account that can be used for both your child’s education and your retirement.

Jacobson & Schmitt Advisors, LLC (“JSA”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where JSA and its representatives are properly licensed or exempt from licensure. The information provided is for educational and informational purposes only and does not constitute investment advice, and it should not be relied on as such. It should not be considered a solicitation to buy or an offer to sell a security.