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Growing Family

Experiencing growth in your family presents one of the most joyful moments of life whether you’re getting married, having a baby, adopting, or entering a new relationship. However, life changes always significantly impact your finances. During these times it makes sense to get some things figured out.

Things to know:  

  • Consider three main areas when your family grows: changes in income, added living expenses, and event expenses.
  • Talk through priorities and goals. Make a plan for how to move forward as a team.
  • Expect added costs and plan for them wisely.
  • Check your credit reports before major life changes to be prepared: www.annualcreditreport.com.
  • With family changes, it’s always important to think about long-term financial issues such as wills, health-care proxy, life insurance, retirement, and more.