Welcoming a New Child? Consider These Financial Moves

Submitted by Edward JonesPrint Story | Email Story

If a new child has entered your life, you are no doubt full of joy today and hopes for the future. And you can help make that future a brighter one for your child and your family by taking some important steps in these areas:

College: Given the consistently rising costs of higher education, the earlier you start your savings and investment plans, the better off you will likely be. While it may be difficult to set aside money for education when you're still a young family, planning to cram at the last minute is not a good idea. Time is one of your biggest assets, and delaying even a few years can have a big effect on your portfolio's value.

In addition, just like regular attendance is crucial for success in school, setting aside money every month can help make a difference in reaching your family's education savings goals. Developing a strategy for achieving your education savings goal can help you stay on track. And if you have other goals, such as saving for retirement, it's important to address how they fit into your overall financial strategy.

Insurance: If you did not have life insurance before, you may want to consider it now. Ask yourself: If something happened to me, would my child be able to stay in the same house? Receive an education? Enjoy a comfortable lifestyle? Even if you have an actively involved co-parent with a steady income, it still might not be enough to take care of your child in the way you would have wanted. Consequently, you may need life insurance – and you might need other types of protection, too, such as disability insurance.



Estate plans: With luck, you will live to see your children as adults who have found their way in the world. Still, it's best to be prepared for anything – which means you should draw up your estate plans well before they are likely to be needed. Among other things, you may want to name someone to serve as your child's guardian if you – and your co-parent, if one is involved – are not around. And because a minor generally cannot inherit money or property, you may also want to appoint a conservator to act as a guardian over whatever financial assets your child might inherit until the child is of age, which will be 18 or 21, depending on where you live. Your legal professional can help you determine whether you should write a will and possibly create other estate planning documents, such as a living trust.

Even when you devote the time and money necessary to your new child, you can't forget about yourself and your own needs – in particular, you must save and invest for retirement. Contribute as much as you can afford to the retirement accounts available to you, such as your 401(k) and IRA. After all, the more you put away, the less likely the need for your child to help support you later in life.

You will have much to think about when you welcome a new child to your family but by taking the time to make the appropriate financial moves, you can help make the transition a positive one.

This article was written by Edward Jones for use by your local Edward Jones financial advisor. Courtesy of Rob Adams, 71 Main Street, North Adams, MA 01247, 413-664-9253.. Edward Jones, its employees and financial advisors cannot provide tax or legal advice. You should consult your attorney or qualified tax advisor regarding your situation. For more information, see EdwardJones.com.

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North Adams Happenings: Aug. 21-27

SAVE THE DATE
AUGUST 29th - DownStreet Art
DownStreet Art, the last-Thursday-of-the-month popup program of Massachusetts College of Liberal Arts’ Berkshire Cultural Resource Center (MCLA BCRC), returns to downtown North Adams from 5-8 p.m. on August 29, 2019. As always, DownStreet Art is free and open to the public.
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AUGUST 30th - Starry Night Movies at UNO Park Presents: Hidden Figures
On August 30th, we are showing Hidden Figures. The story of "three brilliant African-American women at NASA who serve as the brains behind one of the greatest operations in history: the launch of astronaut John Glenn into orbit, a stunning achievement that restored the nation's confidence, turned around the Space Race and galvanized the world" (Google).
The festivities start at 6pm. More information on activities and games coming soon. Movie will begin at 8:00pm. Bring pillows, blankets, and low back chairs to take in this incredible untold story under a starry night on the UNO Park lawn.
More information.
 
Wednesday 8/21
9:00 A.M. (FREE), SOCIAL, Open Hours UNO Community Center, 157 River Street, (413) 664-4612 More information.

10:00 A.M. (FREE), KIDS, Terrific Tots Playgroup The Family Center, 210 State Street, (413) 664-4821 More information.  

10:30 A.M. (FREE), KIDS, Preschool Story Time North Adams Public Library, 74 Church Street, (413) 662-3133 More information. 


11:30 A.M. (FREE), KIDS, Little Wonders Baby Playgroup The Family Center, 210 State Street, (413) 664-4821 More information. 

5:00 P.M. (FREE), WORKSHOP, Simple Zero-Waste Swaps for the Bathroom: A Zero-Waste Workshop UNO Community Center, 157 River Street, (413) 664-4612 More information.

6:30 P.M. (FREE), MUSIC, Concerts at WIndsor Lake Presents JP Murphy 200 Windsor Lake Drive, (413)664-6180 More information.

8:00 P.M. (FREE), GAMES, Trivia Night! Ramunto's, 67 Main Street, (413) 398-5152 More information.

Thursday 8/22
9:00 A.M. (FREE), SOCIAL, Open Hours UNO Community Center, 157 River Street, (413) 664-4612 More information.

4:00 P.M. (FREE), TUTORING, After School Program UNO Community Center, 157 River Street, (413) 664-4612 More information.

5:30 P.M. (FREE), KIDS, North Adams Public Library Trip North Adams Public Library, 74 Church Street, (413) 662-3133 More information.

6:00 P.M. (FREE), BIKING, Downtown Bike Around Anthony's Municipal Parking Lot More information.

6:00 P.M. (FREE), MUSIC, Party in the Park Presents The Brave Brothers Noel Field, 310 State Street More information.

7:30 P.M. (FREE), BINGO, Musical Bingo at Mingo's Sports Bar and Grill 41 Roberts Drive More information.

8:00 P.M. to 11:00 P.M. (FREE), MUSIC, The Chalet: Eavesdrop The Chalet at Courtyard D, MASS MoCA, 1040 MASS MoCA Way More information.
Friday 8/23
7:30 A.M. (FREE), MEET AND GREET, Coffee Date at the NAMAzing Eagle Street Parklet NAMAzing Eagle Street Parklet More information.

10:00 A.M. (FREE), KIDS, Drop-In Playgroup The Family Center, 210 State Street, (413) 664-4821 More information.

11:00 A.M. (FREE, PARKING $5), KIDS, Kidleidoscope New England's Natural Bridge, 1 McCauley Road More information.

12:00 P.M. (FREE), SOCIAL, Open Hours UNO Community Center, 157 River Street, (413) 664-4612 More information.

7:00 P.M. (By Donation), CRAFTING, Knitting Nights with Common Folk Common Folk, 73 Main Street More information.

7:00 P.M. ($1 and up), GAMES, BINGO! North Adams Elks 487 Lodge, 100 Eagle Street, (413) 664-9039 More information.

8:00 P.M. (FREE), MOVIE, Movies Under the Stars at Colegrove Park Presents: The Goonies Colegrove Park Elementary, 24 Church Street, (413) 664-6180 More information.

8:00 P.M. ($18 - $44), MUSIC, Roomful of Teeth MASS MoCA, 1040 Mass Moca Way More information.

9:00 P.M. (FREE), MUSIC, Karaoke Friday! State Street Tavern, 167 State Street, (413) 664-9152 More information.
Saturday 8/24
9:00 A.M. to 1:00 P.M. (FREE), MARKET, North Adams Farmers Market The Wigwam Western Summit, 2350 Mohawk Trail More information.

10:00 A.M. (FREE, PARKING $5), TOUR, Natural Bridge History Tour New England's Natural Bridge, 1 McCauley Road More information.

10:00 A.M. (FREE), GARDENING, Gardening Program UNO Community Center, 157 River Street, (413) 664-4612 More information.

2:00 P.M. to 6:00 P.M. (FREE), MUSIC, Motorama Cruise-in Concert Presents Whiskey City & Live Wire Noel Field Athletic Complex, 310 State Street, (413) 664-6180 More information

8:00 P.M. ($20 - $30), CONCERT, Cha Wa MASS MoCA, 1040 Mass Moca Way More information.
Sunday 8/25
9:00 A.M. to 3:00 P.M. (FREE TO SPECTATORS, CAR REG. $15), STREET FAIR, 9th Annual Motorama Car Show Downtown North Adams, (413) 664-6180 More information.

10:00 A.M. (FREE, PARKING $5), TOUR, Natural Bridge History Tour New England's Natural Bridge, 1 McCauley Road More information.

4:00 P.M. (FREE), MUSIC, Racks and Stacks- Barbecue and Vinyl Music A-ok Berkshire Barbeque, 2601 MASS MoCA Way, (413) 398-5079 More information.
Monday 8/26
1:00 P.M. (FREE), KIDS, Crafternoons! North Adams Public Library, 74 Church Street, (413) 662-3133 More information.
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