Starting a family

New children in your life are a great gift. All the preparation and work to welcome the child give way to the joy of having him or her in your arms. Build your family's financial future by taking steps to protect and plan ahead.
Couple expecting child

Helpful calculators and articles

Family dinner
Family finances

Three reasons life insurance is essential for young parents

By Abby King

While getting married or welcoming a new child are reasons to celebrate, they’re also reasons to start planning and preparing for your future.

Read article

Published:

A hand holds a nest with an egg on it
Everyday Stewardship

401(k) unlocked

By Sonny Gaby

Why your employer’s 401(k) is key to retirement success

Read article

Published:

Family relaxing outside their home
Family finances

Get the kids involved

By Abby King

Make saving up fun for the whole family

Read article

Published:

Child with yellow turtleneck puts a dollar into a piggy bank.
Banking

Teach your kids the values of saving, sharing and spending

By Abby King

Set up your children for success by sharing these basic financial principles with them

Read article

Published:

White family of four look at an ipad over a table with a professional woman.
Banking

How to raise generous kids in three effective steps

By Glenn Black

Instilling generosity in children is a crucial yet challenging parenting task that starts with teaching them to share.

Read article

Published:

A family sitting on a picnic table, posing for a photo
Everyday Stewardship

A marathon of money lessons

By Sharon Hernandez

How one family is teaching their kids smart financial habits

Read article

Published:

Common questions and answers

shared__business--piggy-bank

How do I make sure my finances are ready for a new child?

Children are a bundle of joy, but they also cost a lot – from diapers and clothes that quickly get too small to extracurricular costs and clothes that quickly go out of style. Avoid money surprises or crises by making sure you plan and save for the needs (and wants) that your bigger family will bring. Also, if you save up some emergency funds, you'll want to make sure to recalculate how much you need to save to account for the added family costs of a new child.

How Everence can help

Download our free budgeting guide and our digital cash flow plan template to get started with your budget. The guide will walk you through the details of making a budget and you can use the template to personalize it with your numbers. Each month, fill in your expenses to check if you're on track.

You can also download the Personal Financial Affairs Directory and use it as a guide to write down important information. There is a lot of detailed information, but it serves as a good one-stop resource for your family.

shared__file--notes

Do I need to have a will?

It's a good idea to prepare a will, especially when you're starting your family. A will helps you provide for your children if you die by ensuring that you appoint who cares for them and that they have enough financial resources for their care. Talk to a lawyer to get started.

How Everence can help

We offer a will preparation grant to reimburse Everence members for part of the cost of preparing a will or updating an existing one.

shared__insurance

How can I ensure that my family is taken care of if something would happen to me?

Preparing your family for the unexpected is important, so getting life insurance and even disability insurance can help. Life insurance provides your family with financial support if you die. This is especially important if your family depends on your income. Disability insurance provides tax-free income if an accident or illness prevents you from working and earning the salary your family depends on.

How Everence can help

An Everence representative can get you more information about these types of insurance and help you figure out which is right for you.

shared__graduation-cap

When should I start saving for education costs?

If you plan to help your child cover his or her college expenses, you may want to start saving now if you can fit it into your budget.

There are several types of education savings plans with investment options – hooray for compounding interest! Among them are Section 529 Plans (sometimes called College Savings Plans), Coverdell Education Savings Accounts, Uniform Gifts to Minors Act/Uniform Transfers to Minors Act (UGMA/UTMA) Custodial Accounts, and Traditional and Roth IRAs. Each has its pros and cons, and tax implications.

How Everence can help

An Everence representative can help you figure out which options is the best for your situation. You could also talk to your tax and legal advisors about the specific tax and estate planning considerations of the different plans.

Mom and daughter hugging their toddler daughter

Explore our youth program

Introducing money concepts early helps children develop smart financial habits, even before they fully grasp value and pricing.

At Everence Federal Credit Union, our Youth Program helps kids ages 0–18 learn budgeting, saving, and even investing—all while enjoying fun, age-appropriate perks along the way.

  • Youth Savings Account
  • Youth Rewards Program

Get more help and information

Ask your specific financial questions, get more information, and learn more about how a custom financial plan can help you gain confidence and clarity about your finances. 

Call (800) 348-7468 or visit any of our offices to talk to an Everence representative.