Ever set ambitious, life changing New Year’s resolutions in January only to have your goals mysteriously disappear by February? You’re not alone. Studies show that 23% of Americans abandon their resolutions within the first week, 43% fail by the end of January, and only 9% actually complete their resolutions. Pretty dire numbers.
Expecting a child is often an extraordinarily overwhelming experience filled with joy, anticipation, and, inevitably, a bit of anxiety. For new parents, the journey through pregnancy and preparing for the arrival of a child involves navigating a steep learning curve and many unknowns. From understanding the intricacies of pregnancy and birth to grasping the essentials of newborn care, there's a wealth of new information to absorb at a breakneck pace. Amidst this flurry of preparation focused on immediate needs—such as setting up a nursery, choosing the right pediatrician, and understanding feeding and sleeping patterns—the financial future of the child can often become an overlooked aspect. Many parents find themselves so engrossed in the physical, logistical, and emotional preparations of welcoming a new baby that planning for the long-term financial future doesn't always receive the attention it deserves. Yet, establishing a financial plan early on is crucial and can have a lasting impact on the child’s life, helping to ensure that they have the financial resources they need to thrive.