FINANCIAL FOCUS: Growing families should consider these financial moves

Joe Faulk

Joe Faulk

Published: Tuesday, January 21, 2014 at 09:31 PM.

Adding a child to your family is an exciting and joyful time — and it’s also a busy one, as you deal with new challenges and commitments.

However, hectic as your life may be, you’ll still need to think about making key financial arrangements.

Here are some suggestions to consider:

Get a Social Security number. You’ll want to obtain a Social Security number for your child as soon as possible.

Speak with a tax advisor. If you’re adopting, you might be eligible for federal income tax credits.

Build an emergency fund. Obviously, a new child may mean a variety of new expenses. If you aren’t prepared for these costs, many of which can crop up suddenly, you might be forced to dip into your long-term investments.

Such a move could slow your progress toward important goals, such as a comfortable retirement.

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