SOURCE: BMO Harris Bank

BMO Harris Bank

August 22, 2013 11:00 ET

BMO Harris Bank Financial Tip of the Week: Build a Safe Nest for Your Bundle of Joy

CHICAGO, IL--(Marketwired - Aug 22, 2013) - As part of BMO Harris Bank's continuing commitment to financial literacy and Making Money Make Sense, BMO Harris is providing weekly financial tips. This week's tip offers ways to help you make essential financial arrangements before starting a family.

The anticipation of having a baby is an exciting moment, but also a time that many people become apprehensive about their family's finances. Creating a financial safety nest will help protect you and your growing newborn.

Below are six ways to help give you peace of mind for your family's financial future:

  • Pay down debt: Before you start a family, pay down debt early to make sure you are ready to address any major financial costs in the future.It will be easier to attend to the many needs of your family knowing that you are on track to a financially secure future.

  • Consider long-term goals: Prioritize and prepare for long-term expenses. Ask yourself how many children you plan to have, what type of school will your child attend -- consider private school tuition costs, and what type of car you should buy.

  • Inquire about maternity/paternity leave: Find out your employer's policy on paternal leave, and how much paid and unpaid time you're given. Create a budget for any lost income and save early.

  • Choose a family health insurance plan: Review policies and benefits to understand which options best accommodates the needs of your family both in coverage and affordability.

  • Life insurance protection: Consider purchasing life insurance for your child -- premiums may be lower depending on the child's age when you purchase their policy. Getting coverage for children at an early age may ensure that they have coverage in the future.

  • Estate planning: Include an updated will, healthcare proxy, and durable power of attorney. Talk with a financial planner and attorney to help guide you through the best options for your family.

To help you manage your money and avoid the most common financial pitfalls, visit BMO Harris Bank's informational website -- Helpful Steps at www.bmoharris.com/helpfulsteps.

About BMO Harris Bank

BMO Harris Bank provides a broad range of personal banking products and solutions through over 600 branches and approximately 1,300 ATMs in Illinois, Wisconsin, Indiana, Kansas, Missouri, Minnesota, Nevada, Arizona and Florida. BMO Harris Bank's commercial banking team provides a combination of sector expertise, local knowledge and mid-market focus throughout the U.S. For more information about BMO Harris Bank, go to the company fact sheet. Banking products and services are provided by BMO Harris Bank N.A. and are subject to bank and credit approval. BMO Harris Bank® is a trade name used by BMO Harris Bank N.A. Member FDIC. BMO Harris Bank is part of BMO Financial Group, a North American financial organization with approximately 1,600 branches, and approximately $555 billion in assets (as of April 30, 2013).

Contact Information

  • Contact:
    Tiffany Smith
    (312) 461-7815