FINANCIAL FOCUS: Smart financial moves for new parents

Published: Friday, November 1, 2013 at 10:30 AM.

Stay balanced. It takes a lot of money to raise a child. But even as you meet these expenses, think about your own future, particularly your retirement. Strive to strike a balance between the money you spend on your child and the amount you invest in your 401(k), IRA and other retirement-savings vehicles.

You can't put a price on your child's future, but when it comes to caring for that child, you’ll want to know the costs involved — and be prepared for them.

Joe Faulk is a financial adviser.

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