When Eleanor joined our family, we had a lot of financial things to consider. How will having a child impact our budget? Which expenses would increase or be new? (Some answers: food, health insurance, and diapers, diapers, diapers).
In my planning mind the bigger question was how were our financial priorities changing? Kellie and I started thinking about saving for Eleanor’s schooling through a college savings plan. But did saving for Eleanor’s college trump or impede our other financial priorities?
Regardless of what stage your family is in (growing, maturing, or empty-nesting) it’s important to think about the financial implications of these different stages even if they feel far down life’s road.
Doing so can help you anticipate the changes that will inevitably come and make better financial preparations for the future.