New Child/Expecting - Here are some tips

KENTWOOD, Mich. - Jan. 15, 2015 - PRLog -- Nothing in life is more momentous than having a baby. Whether it's your first child or your third, you'll feel the same happiness and excitement. Having a child also triggers anxiety for many parents. After all, with the incredible changes that it means, how do you begin preparing?

Identify Needs
There are certainly many financial needs to think about, from figuring out how many diapers and how much baby food will add up to every week, to determining how much a college education can cost down the road. And beyond the short- and long-term expenses, you need to consider insurance, taxes, estate planning issues and other related financial issues.

But before you do anything, take a deep breath and relax. We know it's overwhelming to think about all these new financial needs and how they affect your life. But with the right planning, we believe it's possible to achieve your financial goals.

The Big Picture
Before you think long-term, be sure you can take care of your immediate financial needs. How much are your expenses for things like food and shelter? Do you have an emergency reserve with at least three months of income in savings? Have you purchased adequate insurance to help protect assets such as your home? These are your most basic needs that relate to financial security and, now more than ever, it's essential that you have a plan to build these funds.

While establishing savings to reach basic goals is important, now is also the time to plan for future goals, like education and retirement. And, the earlier you start investing for these goals, the greater your potential returns can be. For example, if you were to invest in the market for one year, your chances of making money would be 74%. But if you were to stay invested for 10 years, your likelihood of making money would jump to 94%*. That's the power of time in the market, and it's something you should use to your advantage while your child is young.

Get Started
With a new baby, it's important to look at the big picture to ensure that you're saving for both your short- and long-term goals. Learn more about how Edward Jones approaches your needs. Then contact your local Edward Jones financial advisor, who will be happy to talk to you one-on-one and provide a free portfolio review. This can help identify and prioritize your financial goals and track your progress toward achieving them.

*Source: Morningstar, Edward Jones; S&P 500 index 1927 - 2011. S&P is an unmanaged index and cannot be invested in directly. Past performance does not assure future results.