Money Management

7 Money Moves To Make Before Your Kids Turn 5

How to Prepare Financially for a Baby
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Expecting a new bundle of joy or raising a toddler? Congrats! It’s an exciting time, but it’s also crucial to think about the financial impact. That’s why we’ve put together 7 money moves to make before your kids turn 5. These aren’t just tips; they’re actionable strategies to set your family on the path to success. Ready to take control? Let’s dive in.

#1. Protect Your Family’s Future

Life insurance might not be the first thing on your mind when expecting a child or raising a toddler, but the truth is, it’s more vital now than ever. Your family depends on you, and life insurance ensures they’re protected.

With Ladder Life, you can secure up to $3 million in coverage without a medical exam, all within minutes. Their intuitive coverage calculator helps you pinpoint the right amount, and the flexibility to adjust your coverage ensures it always fits your needs.

Why is now the perfect time? Life insurance companies price their policies based on age, so the earlier you buy, the less you’ll pay.

With no hidden policy fees and a 30-day money-back guarantee, there’s truly no reason to hesitate. Visit Ladder Life today and take the first step in safeguarding your family’s future.

Get Started with Ladder Life Now.

#2. Secure Your Child’s Education

Worried about the rising cost of education? You’re not alone. But what if you could turn everyday shopping into college savings for your child?

That’s where Upromise comes in.

Whether you’re dining out or shopping online, Upromise lets you earn cash back on everyday purchases. It’s as simple as shopping through Upromise’s portal or using a linked credit or debit card. No need to transfer funds manually; your cash back is automatically deposited into your Upromise account, ready to grow your child’s education fund.

Link your Upromise account to a 529 College Savings Plan, and watch your child’s education fund grow effortlessly.

Even family and friends can contribute.

As if saving for college wasn’t rewarding enough, Upromise offers exclusive bonuses. Verify your email and receive a $5.29 bonus. Link a 529 Plan within 30 days of sign-up, keep it active, and earn an additional $25.00 bonus.

Why put off securing your child’s future? With Upromise, saving for college is not just possible; it’s easy and rewarding.

Get started with Upromise for free today, and take the first step towards a brighter future for your child, with bonuses to give you a head start.

#3. Don’t Forget About Your Retirement

As important as saving for your child’s college education is, it’s equally vital not to overlook your own future. As the saying goes, “You can borrow for college, but not for retirement.” Balancing both these financial goals can be challenging, but it doesn’t have to be.

Discover Empower’s Retirement Planner – a free tool designed to help you see your exact path towards retirement. Here’s how it can empower you:

  • Link your accounts: Connect all your financial accounts in one place, from investments to savings.
  • Visualize your retirement path: See when you can expect to retire and how much you’ll have, based on your current financial plan.
  • Make informed decisions: Understand whether you need to adjust your current financial plan, allocate more resources to retirement, or even explore other investment opportunities.
  • Personalized insights: Receive tailored recommendations and insights based on your unique financial situation and goals.
  • Absolutely free: Yes, all these powerful insights and planning tools come at no cost to you.

With Empower’s Retirement Planner, planning for retirement becomes a clear and manageable task, and it’s entirely free. You gain insights into your financial future, allowing you to make decisions that align with both your child’s education and your retirement goals.

Why leave your retirement to chance?

Start planning with Empower today, and take control of your financial future at no cost. See exactly when you can retire and how much you’ll have, ensuring that you’re on the right path for both college savings and a comfortable retirement.

#4. Build a Solid Foundation

Life’s unexpected surprises can derail your financial stability. That’s why an emergency fund is essential.

Financial experts recommend keeping this fund in a separate account from your checking to help you stay disciplined, ensuring it’s not easily accessible for everyday spending.

Now is the perfect time to grow your emergency fund. Interest rates are high, and you can gain substantial interest by moving your savings to a high-yield account.

With our free tool, you can find the best high-yield savings account in your local area. Just enter your zip code and expected balance, and you’ll discover banks offering the highest interest rates.

Building an emergency fund is more than a safety net; it’s peace of mind.

Find the best high-yield savings account in your area today, and take the first step in building a solid financial foundation. With the right account, your emergency fund will not only protect you but also grow, providing additional security and confidence in your financial future.

#5. Align your Spending with your Values

Having children often brings a shift in what we value most. Your priorities change, and so should the way you spend your money. Now’s the perfect time to revisit how you spend your money and what you want to invest in for the future.

Budgeting isn’t about restricting your spending; it’s about aligning your financial choices with what you truly value. Whether it’s family vacations, investing in your child’s education, or enjoying shared hobbies, a well-planned budget empowers you to spend more on what’s newly important to you.

That’s where YNAB (You Need A Budget) comes in. With a 34-day free trial, YNAB offers a personalized approach to budgeting that helps you take control of your money. Here’s why YNAB stands out:

  • Savings Impact: The average user saves $600 in just 2 months and an impressive $6,000 in their first year.
  • Flexible Planning: Love to travel with your family? Plan it in your budget, and it can be there. YNAB helps you allocate funds to what matters most to you and your loved ones.
  • Easy to Use: With intuitive tools and clear guidance, YNAB makes budgeting accessible, even if you’re new to managing your finances.

Imagine the freedom of knowing that your spending aligns with your evolving values and family goals. With YNAB, you’re not just tracking expenses; you’re building a financial plan that reflects your unique priorities as a parent.

Ready to transform your financial life? Start your 34-day free trial with YNAB today, and discover how budgeting can become a powerful tool for achieving your dreams. The average user saves thousands – what could you achieve with YNAB?

#6. Build Your Credit

Good credit isn’t just a number; it’s a key that unlocks numerous financial opportunities.

From buying a home to securing that family-friendly minivan, renting an apartment, or getting better auto insurance rates, your credit score plays a vital role.

With good credit, you can literally save tens of thousands of dollars and enjoy greater financial flexibility.

The time to focus on your credit is now, not right before you go and buy a home or that family minivan. Building and improving your credit takes time, and the sooner you start, the better your financial opportunities will be.

Credit Karma is here to help. Offering free credit monitoring and personalized insights, Credit Karma empowers you to understand, track, and improve your credit score, starting today.

Whether you’re starting from scratch or looking to take your credit to the next level, Credit Karma provides the tools and guidance you need. With regular updates and tailored recommendations, you’ll have everything you need to build and maintain strong credit.

Ready to unlock the financial opportunities that come with good credit? Start monitoring and improving your credit with Credit Karma today, and take control of your financial future. Don’t wait until it’s too late – good credit opens doors, and the time to act is now. Let Credit Karma help you walk through them.

#7. Unlock The World of Points and Miles

Traveling with a young family or visiting relatives can be an expensive endeavor. But what if you could significantly reduce those costs and enjoy incredible experiences without breaking the bank? That’s where understanding the points and miles game comes into play.

I’ve personally saved tens of thousands, if not over six figures, in my lifetime using credit card rewards points wisely. These savings have not only allowed my family to travel more affordably but have also provided us with unforgettable experiences and opportunities to connect with loved ones.

Whether you’re planning a family vacation or need to visit family more often, playing the points and miles game can make it all possible. By using credit card rewards points strategically, you can save thousands on flights, accommodations, and more, unlocking exclusive experiences and creating cherished memories with your family.

If you’re interested in travel and want to learn how to play the points and miles game like a pro, I’ve put together a comprehensive guide that breaks down everything you need to know.

Check out the article on playing the points and miles game, and start unlocking the world of travel for you and your family. Travel doesn’t have to be expensive – with the right strategies, you can explore, connect, and save, all while giving your family the experiences they deserve.

How to Prepare for a Baby: Final Thoughts

Succeeding as a new parent financially is all about developing a realistic framework for what lies ahead, and then doing what you have to do to get through this week, this month, and this year.

After all, our parents didn’t have it all figured out when they had us. 

It’s not always easy. But wow… is it worth it. 

R.J. Weiss
R.J. Weiss, founder of The Ways To Wealth, has been a CERTIFIED FINANCIAL PLANNER™ since 2010. Holding a B.A. in finance and having completed the CFP® certification curriculum at The American College, R.J. combines formal education with a deep commitment to providing unbiased financial insights. Recognized as a trusted authority in the financial realm, his expertise is highlighted in major publications like Business Insider, New York Times, and Forbes.

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