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Money Sense for New Families

5 Tips from Financial Planners

By Debora Geary and Reathel Geary

Maybe you are one of those parents who feels totally financially prepared for your growing family. If so, you don't need to read this article. In fact, we'd like to interview you as a minor miracle of modern parenting.

For the rest of us, knowing how to manage always-limited money and our seemingly unlimited needs is a complex and often frustrating problem. New parenthood and young children just make the problem that much bigger.

You may think of financial planners as the professionals who help rich people manage their money. However, financial planners also have a lot of good advice to help the rest of us manage our lack of money.

We talked to two financial planning experts and asked them for their most important advice for new parents and young families.

Judy Miller is a Certified Financial Planner and heads up College Solutions, a company that specializes in helping parents plan for their children's education. Lisa Leff is vice president and portfolio manager for Trillium Asset Management Corporation, a company that helps clients, including many with young children, use their money to achieve both financial and social objectives. Here are their top 5 financial tips for new parents and young families:

1. Pay yourself first – This is the foundation of good family finances: Don't have every cent you earn immediately head back out the door. "Decide how much you are going to save for emergencies, retirement and college," says Miller. "Save out of every paycheck, bonus and raise. Saving now means you'll spend yourselves rich later."

Want to see more?

• Parents' Top 10 Money Mistakes: The Most Common Financial Errors and How to Avoid Them
• Moms and Money Matters: Increasing Your Financial Proficiency
• Worried About Bills, Investments and Work? 10 Ways to Make the Most of Your Money and Your Life
• Check out our Article Library.
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