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Becoming a Parent
Becoming a Parent

Congratulations! Whether you're adopting or expecting, your new baby will bring enormous joy into your life.

We can help you make the most of this special time. Here are some suggestions for getting ready for your baby's arrival, adjusting financially to life with your baby, finding time by managing your money more efficiently, protecting your family with life insurance, saving for college and buying a larger house, if necessary.

Remember to keep in mind: Parents manage on a wide range of budgets. Just do the best you can within your budget and have fun with your little miracle!

Getting Ready
Shopping for the baby's room can be very exciting! It's important to budget for the costlier necessities, like a crib and car seat. To shop within your limits, most parents find it helpful to create a list of the things they'll need, establish priorities and set a spending limit. Once the necessities are taken care of, you can have fun with toys, wallpaper, etc. Need a little help getting ready? If you're several months away from your baby's arrival, consider setting up a savings account1 for baby expenses. Other good options are a low-interest rate credit card or, if you're a homeowner, a home equity loan or line of credit.

Life with Baby
A baby changes your life in so many ways, so it's important to think about how your financial situation will change. For example, many parents have new expenses that can be considerable like daycare, diapers or infant formula. Families can have a reduced income if one parent stays home part-time or full-time to care for the child. A budget will help you stay on track financially. To get started, add up all the things you'll spend money on in a month. Typical items are food, gas, rent, daycare, diapers, etc. Then subtract these items from your monthly income. Our online budget calculator makes it easy to create and adjust a budget it until it comes out right.

Finding Time
New parents often wonder where their time went. As a new parent, you'll quickly learn how to manage your time differently so you can spend more quality time with your child.

For managing your money, U.S. Bank Internet Banking helps you get more done in less time...and it's FREE. Get your banking done from the comfort of your own home, whenever it's convenient for you - 24 hours a day, 7 days a week. For new parents, that might be during a child's nap or in the middle of the night!

And with U.S. Bank Internet Bill Pay, you can receive, review and pay all your bills online - quickly, safely and easily.

Protecting Your Family
If you already have life insurance, the birth or adoption of a child is a good time to review your coverage. If you don't have life insurance, consider it now. An addition to your family will generally increase your need for life insurance coverage, depending upon:

  • Your marital status
  • The number of children and their ages
  • Your income and debt level
  • The value of your assets
  • Your financial goals

If you don't already have a will, get professional legal help drafting one. Among other things, a will can document your requests for who should care for your child if something should happen to you. Learn more about life insurance2 and even request a quote.

Need More Space?
It's hard to find a better reason for a bigger home than a new child. Our first-time home buyer programs make it easier than ever to buy a home. We also feature valuable home-buying tips and tools. Perhaps you're adding on? A home equity loan or line of credit is a low-cost source of funds, and the interest may be tax deductible.

Saving For Your Child's Future
Almost two-thirds (62%) of parents of high school students believe a college education is "absolutely necessary" for their children3. If you're among them, it's never too early to begin saving for your child's education. According to the Census Bureau, college graduates earn nearly $1 million more over their lifetimes than those with only high school diplomas.

By starting a college fund now, you'll be able to set aside less each month than if you were to wait until your child is older. For college funding advice, read our related planning article: Financing an Education. To learn more about college planning4 topics, visit our Paying for College and Resource Links pages.

For a variety of useful information, tools and calculators to help you with all your financial management needs, visit our Resources page today.



  1. Deposit products offered by U.S. Bank National Association. Member FDIC.
     
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  2. Insurance products are available through U.S. Bancorp Insurance Services, LLC, in Montana U.S. Bancorp Insurance Services of Montana, Inc., and in Wyoming U.S. Bancorp Insurance & Investments, Inc. All are licensed insurance agencies and subsidiaries of U.S. Bancorp and affiliates of U.S. Bank. U.S. Bank is not responsible for and does not guarantee the products and services, or the performance of the products or services, offered by its affiliates or by third parties. Policies are underwritten by unaffiliated insurance companies and may not be available in all states. CA Agency Number 0E24641.

    NOT A DEPOSIT NOT FDIC INSURED NOT GUARANTEED BY THE BANK
    NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY MAY LOSE VALUE

     
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  3. The National Center for Public Policy and Higher Education 5/2000.
     
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  4. Securities and Exchange Commission Rule 11Ac1-6

    U.S. Bancorp Investments, Inc. has prepared the linked report pursuant to U.S. Securities and Exchange Commission rule 11Ac1-6 requiring quarterly reports of order routing practices. The report provides information on the routing of any order that the customer has not specifically instructed to be routed to a particular venue for execution. For these non-directed orders, U.S. Bancorp Investments, Inc. has selected the execution venue on behalf of its customers. View the U.S. Bancorp Investments, Inc. 11Ac1-6 report.

    NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • MAY LOSE VALUE • NOT GUARANTEED BY THE BANK

    Investment products and services are available through U.S. Bancorp Investments, Inc., member FINRA and SIPC, an investment advisor and a brokerage subsidiary of U.S. Bancorp and affiliate of U.S. Bank.
     
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