Download
HTML Embed
HTML EMBED
Click to Copy

Latest Episodes

Download
HTML Embed
HTML EMBED
Click to Copy
Make Me Smart with Kai and Molly
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Tech
Ask Money

Financial planning for baby

Adriene Hill Aug 24, 2012
Share Now on:
HTML EMBED:
COPY

Pregnancy comes with a whole lot of questions. About diapers, sure. But also about saving and budgeting and wills and life insurance. Interim Money host Adriene Hill is currently expecting her first child and wondering how in the world she and her husband are going to pay for everything. Certified financial planner Louis Barajas came to field of few of the crucial money questions on the minds of parents and soon-to-be parents.

“I think that once you have a kid, you should sit down with a financial planner right away, because there’s a lot of issues to talk about,” Barajas said.

Barajas said that unlike childless people, parents need to think about financial issues such as estate plans and life insurance, along with added expenses from diapers to college.

Two expecting parents, Sarah Boughton and Andrew Brin, had all their baby-related finance questions answered — including what to consider when purchasing life insurance and how to divvy up money between college and retirement funds.

Barajas answered their questions and also offered an important piece of advice.

“I want people not to be as much concerned about the money as more as sitting down and really taking a look at what their values are, prioritizing those values and creating goals from those value — and then deciding what’s more important,” he said. “I sit down and I’ll look at parents who are putting a lot of money away in a kid’s education fund, when they really actually should be spending more time with that child.”

Take a listen to the audio above to learn about how to prep financially for your baby.

If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air.  But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.

Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.

When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.

We’re counting on you today!

Marketplace helps you stay financially responsible all year, now we need YOUR help to keep our budget on track.
Donate NOW to help us hit our target of 2,500 Marketplace Investors by June 30!