Starting a Family

Ensure the finances for raising a child will be covered with these tips:

• Check with your employer ahead of time to understand your health and life insurance options.  With a high deductible medical plan, a money-saving idea is starting a Health Savings Account.
• Expenses in the first few years of a baby’s life can really add up. Make a detailed list and start shopping early and buy in bulk in order to spread out your spending.

• Your baby may need childcare, so the costs need to be considered. Get an idea of how much, along with other new-baby expenses, with this First-Year Baby Costs Calculator. 

Online budgeting tools can help you start a budget and create a monthly spending plan with our easy-to-use financial worksheets.

You can start saving for your little one with these tips:

• As soon as your baby arrives or if you already have children, you can start a 529 College Savings Plan which allows you to save for future college costs tax-free.
• From baby’s first Christmas to their wedding day, WPCU has great ways to save for those future milestone moments:
  • Youth Savings Accounts: Kids 17 & under have the opportunity to earn our highest savings rate on their first penny saved with our TrueSaver® account.
  • Share Certificates: You’ll earn a guaranteed rate of return on investment options ranging from 6 to 72 months.

• Money Markets: With some of the highest rates around, our Money Market Savings Accounts can help you stretch each dollar saved even further. 

Visit your local Member Center and let us help you decide on the best savings plan for your growing family.

Considerations for a car upgrade:

• Do you really need a bigger car now or can you wait a few years? 
• Are you planning on more children and a bigger car is a more practical solution? 
• Is new or used the best option? New cars have several advantages, including lower repair bills, but you’ll almost always pay less to buy used cars. 
• Keep an eye on your credit with My Credit Score, available through WPCU’s Mobile or Online Banking, and be sure to check your credit report for accuracy. 

Considerations to upgrade your home:

• How much can you actually afford to spend on a mortgage and other moving expenses? Spend some time going over your current expenses. As a budgeting best practice, mortgage and home-related expenses should account for no more than 35% of your net income.
• Get pre-qualified for a loan to narrow down your home budget.  
• Can you finish the basement or attic in your current home to gain some extra square footage? If you’ve been in your home for a few years, a Home Equity Line of Credit might be just the right fit.

When it’s time to upsize your home or auto, Wright-Patt Credit Union can help you make the best financial decisions for your family.