Deciding to start a family is one of the most exciting and life-changing decisions a couple can make. All too often, couples get caught up in the rush to decorate and stock up on baby supplies at the expense of prioritizing essential financial planning considerations.
Planning for significant life transitions is central to financial planning. As recent first-time parents, we can say with confidence that there may be no greater transition in life than starting a family.
Saving money is a big goal for all of us. So in a single-parent family, when one parent bears the responsibility of raising kids and making financial ends meet, saving for something like your own retirement might be further down the priority list compared to your other financial goals.