Couple's Financial Planning
Although saving for baby is a good idea, it can also feel like a big task. However, with a little determination and a little help along the way, you will be sure that your little ones are cared for far into the financial future. Below is information about The College Life Grow Up Plan from Gerber, which is a good example of the kinds of savings accounts and plans available to make couple's financial planning and saving money for those college bills easier down the road.
There are various products out there that allow you to save for college, obtain life insurance, and set aside some money for the future of your kids. The Gerber Life College Plan is great because it is a secure and flexible way to save for your baby. The plan features:
- A secure way to save money that is free from market fluctuations.
- Unlike more traditional plans like the 529 plan or educational IRAs, the grow up plan is flexible and allows you to use the money for college, or anything else!
- Coverage doubles when the policy matures at age 18, 19, or 20 years of age, as long as premiums are always paid.
- Life insurance is also included and paid in full upon death of the policy holder.
- The policy has a guaranteed payout upon maturity of $10-20,000 or the option to continue coverage.
The Gerber Life College Plan is unique, but there are more plans out there that include savings for college and life insurance, or a combination, that will fit your family's needs. The most important thing here is that you are getting peace of mind. Knowing that there is money tucked away is a great factor in feeling sound and secure. Reap the rewards of your hard work by setting aside money for the kids - it's the best thing you can do for them and for you.
The important thing is that you are saving for the future of your baby. You could use a regular savings account or even a plain old shoe box stuffed with bills in the closet and you would be doing the right thing. The Gerber Life College Plan is one of many that offer great ways to save for college or just about anything. Remember to pat yourself on the back for taking this big step. Consider the help of a financial therapist to discuss your concerns with money and couple's financial planning.