Having a Baby

Little fingers, little toes, a first smile and first steps; a baby can bring so much joy to a family. A baby brings a new set of financial priorities, from budgeting for the additional cost of raising a child, to finding affordable childcare, to saving for the future.

Additional Expenses

Beginning with your pregnancy, there are going to be a lot of medical expenses you will have to account for; extra doctor appointments, special vitamins and birthing classes. Once the baby comes there will be new child-related expenses such as baby food, diapers, medical insurance premiums, and childcare. Knowing these expenses will occur is important so you can begin to save money and place extra funds into a high interest savings account, like our Money Market Accounts or Premium Savings.

Childcare Expenses

If you choose to go back to work you will need to find a suitable form of childcare. There are many options when it comes to childcare. It can range from family members to certified institutions which of course would range in expense. On Long Island childcare can range as high as $15,000 per year.

Plan for the future

It is never too early to start planning for your child's future. Before you know it they will be walking, talking and spelling their own name. Sperry offers many options to begin saving for your baby's future. We have our Youth Accounts for kids under the age of 18 that helps them establish positive spending and saving habits. You can combine these accounts with a low minimum deposit Youth Certificate that earns money at a higher interest rate starting with only $50. You can also open a Coverdell Education Savings Account which is a great way to start saving for the education of children under the age of 18. Contributions may be made by parents, grandparents, other family members, friends, and the children themselves.