Education
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The information provided here is for general educational purposes only and is based on common financial assumptions and estimates. It should not be considered personalized financial advice. Before making decisions about investments, retirement planning, taxes, insurance, or business strategies, consult with a qualified financial advisor, tax professional, or other licensed expert who can review your specific situation.
Marriage & Finances
Should we combine our finances after marriage?
Many couples open a joint checking account for shared expenses while keeping individual bank accounts for personal spending. Coordinating budgets, credit cards, and emergency savings together helps avoid conflict.
How do we create a budget as newlyweds?
Start by tracking income and expenses in a household budget. Allocate for rent or mortgage, debt payments, childcare savings, and retirement accounts (401k, IRA, Roth IRA). Using budgeting apps can make it easier to stay on track.
Should we talk about credit scores before marriage?
Credit scores, student loans, and credit card debt affect your ability to get a mortgage, car loan, or even better insurance rates. Building good credit together helps long-term financial stability.
Family & Kids
How much should we save before having a baby?
A good rule of thumb is building a 3-6 month emergency fund plus setting aside money for hospital bills, childcare, health insurance, and life insurance. Families may also consider adding an HSA or FSA to help cover medical costs.
What kind of insurance do new parents need?
Life insurance protects your family if something happens to you. Disability insurance covers income if you can’t work. Adding your child to health insurance and considering 529 college savings plans could also be beneficial.
How do we plan for childcare costs?
Childcare is one of the biggest expenses for new parents. Build it into your family budget, compare daycare, in-home care, and nanny costs, and look for dependent care FSA tax savings.
Housing & Long-Term Planning
Should we rent or buy a home when starting a family?
Renting gives flexibility, but buying builds home equity. Couples often compare mortgage rates, down payments, property taxes, and school districts before deciding.
What are some ways to save for our child’s future?
One option would be to open a 529 college savings plan or custodial account (UTMA/UGMA). Many parents also use Roth IRAs as a flexible savings tool that can help support both retirement and education. An experienced financial advisor can help guide you through these strategies to determine which options may be better suited for your specific retirement needs/goals.
What estate planning do young families need?
At minimum, new parents should set up a will, power of attorney, and guardianship documents. Adding life insurance or a trust better ensures your child’s financial security if something happens.
Buying a Home
How much should we save for a down payment on a house?
Down-payment requirements vary by lender and loan program. While about 20% is often needed to avoid private mortgage insurance (PMI), some first-time homebuyer programs allow lower amounts, such as 3–5%. Interest-bearing accounts—like high-yield savings or money market accounts—are commonly used to hold short-term cash, depending on individual needs.
What’s the difference between a fixed-rate or adjustable-rate mortgage?
A fixed-rate mortgage locks in a stable payment, while an ARM (adjustable-rate mortgage) can start lower but may rise later. Some/many young families may prefer the predictability of a fixed-rate loan for long-term budgeting.
What costs should we budget for besides the mortgage?
New homeowners should plan for property taxes, homeowners insurance, HOA fees, maintenance, and closing costs. Keeping a home repair emergency fund prevents surprises.
Retirement Planning for Young Families
When should we start saving for retirement?
The earlier the better. Even small contributions to a 401(k), IRA, or Roth IRA in your 20s and 30s can grow substantially thanks to compound interest. Employer 401(k) matches are essentially free money you don’t want to miss.
Should we prioritize retirement savings or college savings for kids?
While everyone’s situation is different, many investors prioritize contributing to workplace retirement plans or IRAs and may consider additional accounts, such as 529 college savings plans, once they have established a retirement strategy that aligns with their goals.
How much should we be saving for retirement in our 30s?
Some investors use guidelines such as saving around 15% of their income toward retirement through accounts like a 401(k), SEP IRA, or Roth IRA. As their financial situation evolves, they may also consider other vehicles, such as taxable brokerage accounts or annuities, depending on their goals and circumstances.
