Plan Ahead. Get Ahead. > Life Events > Starting a Family
Four Financial Gifts for Your New Baby
Thanks to baby showers and indulgent grandparents, most new moms and dads have a well-stocked nursery for their baby. But there are a few other purchases new parents should consider — items that can have a dramatic affect on the health and wealth of your entire family.
Start shopping now for:
- Insurance. Your employer may offer life and disability insurance, but make sure it's enough to protect your family — including the expenses of raising and educating your children.
- Tax-advantaged plans for health-care and child-care expenses. Look into Flexible Spending Accounts (FSAs) to set aside pre-tax money for health-care and child-care expenses.
- A will. Spell out how you want your assets distributed and your preference for a guardian for your children.
- Power of attorney and health-care directives. Draw up these documents so you and your spouse can handle each other’s affairs and give your family peace of mind.
Take the next step...
Get ready for college. It's never too early to start saving for your child's education. The Principal Financial Group offers several options to assist you.
