Here’s some advice financial advisors offer to new parents – CNBC

Mike Kemp | Blend Images | Getty Images

Matt Becker opened his financial advisory practice, Mom and Dad Money, not long after he and his wife, Casey, had their first son, Aiden, and struggled with all the financial decisions new parents need to make.

“I looked around and I didn’t see a lot of advisors focusing on people in this stage of life,” said Becker, a certified financial planner in Gulf Breeze, Florida.

Adding another member to your family also adds a myriad of new financial considerations and expenses. A middle-class couple can expect to spend more than $230,000 to raise a child, not including college costs. One estimate found that by 2036, four years at a private university will cost around $303,000, up from $167,000 today.

More from FA Playbook:
Op-ed: All types of investors can improve their financial fortunes
Advisors guide clients through Covid-19 crisis
Op-ed: CARES Act lets you tap your 401(k). What to know first

More advisors are helping their clients successfully navigate how to cover their children’s expenses without compromising their own financial security.

“There is so much happening when you’re starting a family,” Becker said. “I think that having good guidance on all of that is really important.”

Saving for college

Because of ballooning higher education prices, new parents want to start saving as soon as they can for their child’s tuition bill, said CFP Amy Richardson,

Related Posts

Read also x