The Stressors of Parenting: Easing Financial Worry
“Powerlessness” is a word that the Surgeon General, Dr. Vivek H. Murthy, used recently to describe the modern role of parenting. Anyone who is a parent can tell you that the parenting journey, while filled with boundless joy, can also be unpredictable and stressful. In acknowledging the increasing and unpredictable stress that comes with parenting […]
Why Save to a Dependent Care Flexible Spend Account (DCFSA)?
Among the list of savings accounts offered by an employer (FSA, HSA, 401(k), etc.), the Dependent Care Flexible Spending Account (DCFSA) can be a powerful tool for parents. It is a tax-advantaged account designed to pay for childcare expenses. The DCFSA allows you to save up to $5,000 pre-tax money in 2024. You can then […]
Do I Really Need to Buy Life Insurance?
The answer to this question is probably yes if you are 30 something, are growing your family or have recently bought a house and you really have not addressed your life insurance death benefit since you took your first job!! Insurance, in general, is viewed as somewhat of a necessary evil, so many people avoid […]
The Flexibility of 529 Accounts
Section 529 accounts, also referred to as qualified tuition programs (QTPs), have adapted over the years to become the “go-to” savings vehicle for education. The 2017 Tax Cuts and Jobs Act (TCJA) provided a significant change – allowing parents to take tax-free withdrawals from a 529 plan to pay for tuition at K-12 schools (capped […]
3 Financial To-Do’s When Having Children
Five years ago, Allisha Curtis wrote a blog titled “Preparing Financially to Start a Family”. This was a great blog for couples thinking about having children. The intention with this piece is to keep this topic top of mind and highlight three of the more important things for young couples to do once they have […]
The Importance of Talking to Your Children About Money
Last week, my 11- year old son decided to throw a football across his bedroom resulting in a hole in the plaster wall. This created the perfect opportunity for me to give him one of my infamous money lectures! I informed him that our local handy man charges an hourly rate of $40, and while […]
Ways Parents Can Save Money on Taxes
Parents know first-hand how expensive it is to raise a child. New or expectant parents are often shocked and unprepared for the costs. To soften the blow, it helps to know there are provisions in the tax code that offer cost savings to parents, specifically, Dependent Care Flexible Spending Accounts and Child Tax Credits. Dependent […]
Preparing Financially to Start a Family
So you would like to start a family, but in the back of your mind you are uncertain and a bit overwhelmed by the financial obligations you may be shouldering for the next 18+ years of your life. These are legitimate concerns. According to the 2015 USDA report Expenditures on Children by Families, a middle-income […]