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Starting a Family on 3/31/2015

Financial Needs When You Become a Parent

Financial Needs When You Become a Parent

Having a baby is expensive. Obvious costs include medical bills, baby gear, daycare, and lost wages. But there are many other financial considerations when it comes to starting a family.


A tiny baby seems to need a lot of space. If you’ve outgrown your home:

  • Register with HomeAdvantageTM to research new homes using the same database that real estate agents use, find a trusted agent, and earn a rebate for buying AND selling a home.
  • Visit SLFCU's Home Loan FAQ to learn about financing a new home. Our loan advisors provide answers to frequently asked home loan questions.

Get your home loan pre-approved with an SLFCU Loan Advisor. They don’t work on commission; their only goal is to help you choose the loan that’s right for you.


Once you are responsible for a family, it’s important to make sure they will be financially protected.

  • Re-evaluate your insurance policies. Do you need to add life insurance or additional coverage?
  • Review the beneficiaries of your insurance policies, retirement plans, and investment accounts.
  • Consider making a will, or update your existing one.

To plan for your family’s secure future, start by talking to a MEMBERS Financial Services Advisor located at SLFCU*.


Before you go shopping, visit our Tools & Resources for helpful tips on bargaining with the dealer, pricing information, and resources like AutoSMART.

  • Get pre-approved at SLFCU so you’ll know your budget before you shop. You can also request SLFCU financing at the dealership.
  • Visit CU Auto Sales for a friendly, no-haggle experience. Choose from a selection of late-model used vehicles on the lot, or use CU Auto Services’ locator service to search for a new vehicle.
  • Consider SLFCU’s partners for your other auto needs – insurance; extended vehicle warranties to protect against the high cost of repairs; and Guaranteed Asset Protection, which pays off your loan if your vehicle is stolen or totaled.


Start saving now for your child’s college education. Consider Coverdell education savings accounts or 529 college savings plans, both of which offer tax advantages. Talk to a financial advisor located at SLFCU* to review your college savings plan.


Education is the key to a successful financial future. SLFCU can help – with college savings options and free financial education programs aimed at young members, as well as advice for parents who want to teach their kids about money.

Young savers at SLFCU can earn prizes for saving money, learn from online games and articles, and attend financial seminars for teens. Kids can get real-life financial experience with  savings accounts or certificate accounts. Your child will earn dividends on any balance through age 15.


*Securities sold, advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC, a registered broker/dealer and investment advisor. CBSI is under contract with the financial institution to make securities available to members. Not NCUA/NCUSIF/FDIC insured, May Lose Value, No Financial Institution Guarantee. Not a deposit of any financial institution. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America. FR-1137331.1-0315-0417

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