Financial Aspects to Consider When You’re Expecting
Welcoming a new child into the world is an exciting and joyous occasion. It’s also a time when financial planning becomes more important than ever. The average cost of raising a child in Central Ohio can be significant, encompassing everything from daily necessities to long-term savings. While it's certainly a time to celebrate, it's equally a time to start planning for the future.
Everyday Essentials
Preparing for the arrival of a new baby means stocking up on everyday essentials that will ensure your child's comfort and well-being. This includes diapers, formula, baby food, clothes, a car seat, and a stroller. You’ll also need to set up a nursery with a crib and other furniture. Healthcare is another critical consideration, with regular checkups and vaccinations needed to keep your baby healthy. It’s also wise to consider life insurance to protect your family’s future. KEMBA Financial Credit Union partners with TruStage Insurance who offers affordable policies tailored to new parents' needs.
Big Ticket Items
Some larger expenses require careful financial planning. If you’re renovating a nursery or baby-proofing your home, these costs can add up quickly. A baby-friendly vehicle might also be necessary, especially if your current car isn’t suitable for a child. For renovations, consider a home equity loan to finance the necessary changes without disrupting your budget.
For families considering a more significant move, the Ohio Homebuyer Plus program can assist with buying a new home that fits your growing needs.
Emergency Savings
The arrival of a new baby can also bring unexpected expenses such as medical bills or medications. Establishing an emergency savings fund in a money market account can provide you with higher interest earnings on your deposits, helping you build a financial cushion more quickly.
KEMBA Can Help You Prepare
Understanding how to budget for pregnancy and the years that follow is an important step for new parents as they prepare for the reality of a new child. KEMBA Financial Credit Union offers a variety of financial products and services designed to help you manage these new expenses effectively. From savings accounts that help you put away money for your child’s future, personal loans and credit cards that can help manage immediate needs; to auto loans for that family-friendly vehicle, we have the resources to support you at every step.
For personalized service or to discuss specific needs, please visit a local KEMBA branch. You can also contact our dedicated member service team at 614.235.2395 and select Option 4 to get started.
KEMBA Can Help
Managing your finances to avoid overdraft fees doesn't have to be complicated. KEMBA offers solutions to help you manage your money, like user friendly tools in digital banking to monitor your accounts, overdraft protection and Courtesy Pay options to help give you a safety net in case the unexpected happens.
Explore how KEMBA’s digital banking can empower you to manage your finances more effectively and achieve your goals, by visiting one of our Central Ohio branches, where our friendly associates are eager to assist you. You can also contact our dedicated member service team at 614.235.2395 and select Option 4 to get started.