As your children move from infancy to adulthood, the rewards of parenthood are plentiful. But what are the costs? Full-time, center-based childcare alone is estimated at $9,589 per child, exceeding the average annual cost of in-state college tuition. Busey Wealth Management provides the tips you need to provide for your children and protect your finances.
- Reassess your budget. Living expenses increase as you welcome a new child—from groceries and clothing to transportation, healthcare, insurance and more. Take into consideration saving for new long-term goals, such as college savings. Busey’s budgeting tools are a great place to start.
- Review your life insurance coverage. Life insurance is an effective way to protect your family from the unexpected, ensuring money will be available to help your family meet living expenses, pay the mortgage or even provide a college fund for your children.
- Consider disability income insurance. If you become unable to work because of a disability, the insurance can pay a specific percentage of your income until you’re back on your feet.
- Start building a college fund now. With the annual average cost of $25,000, college can seem daunting. Start saving for your child’s education today—a small monthly contribution and compound interest can go a long way.
- Keep saving for retirement. Many well-intentioned parents put saving for retirement on hold while they save for their child’s college education. Don’t sacrifice your own financial wellbeing. Save for both goals instead. Prioritize saving for retirement if you have limited funds.
Busey Wealth Management’s experienced team will help create a plan designed to achieve your goals—from college savings to retirement and more. BANK BY APPOINTMENT at busey.com or visit Busey at 312 E. Main Street in Mahomet.
Investment Products and Services are: Not FDIC INSURED | May lose value | No bank guarantee