Starting a Family
As you begin planning for a family, consider these steps recommended by financial planners.

Emergency fund
Establish an emergency fund in an interest-bearing savings account that can cover three to six months of living expenses. Try out this calculator tool to see how much you should set aside for emergences.
Savings account
Start a separate savings account for baby needs. You could easily spend hundreds of dollars or more for baby-related items. Plus, consider the likelihood of child care costs, among many other expenses. Try this calculator tool to see how much it costs to raise a child today.
Out-of-pocket healthcare expenses
Find out what healthcare expenses your healthcare plan covers and set aside money for what you will pay out of pocket.
Part-time or Family Leave options
Explore whether your finances can support a spouse’s going to part-time employment or taking time off during your child’s first year or so. Try this calculator tool to see whether or not a spouse can afford to not work for a period of time.
Life insurance
If you are not covered already, learn more about life insurance options available to you before purchasing a policy.
Estate planning
Cover all your bases and draw up a will, durable power of attorney and medical directives. Specify your child's guardian and how your estate should be handled.
College savings
Start funding a college savings plan such as a 529 plan or Coverdell Educational Savings Account. Try this calculator tool to see what it will take to save for college.
Professional financial planning
If you are not already, consider working with a financial professional, who can help you handle the changed financial situation that a new child creates.
Financial parenting
Raising financially literate children is one of the best legacies you can provide your children. Helping children understand money sets them up for financial well-being, whatever pathway they take in life. When done right, financial parenting can be a nurturing and even enjoyable way to interact with your kids. Learn more about how to talk with your kids about money through teachable moments and thoughtful conversations, no matter how old your child.
This article is for informational purposes only and is not intended for use as legal, accounting, tax or professional financial advice by People’s United Bank or any of the bank’s subsidiaries. Financial calculators are for illustrative purposes only. Always consult your legal, accounting and/or tax advisor to fully understand how information may or may not apply to your personal or business financial situation.
On April 2, 2022, People's United Bank, N.A. merged into M&T Bank. It is now part of M&T Bank and its former branches and most services will operate as the People's United division of M&T Bank until we complete the integration of our systems later in 2022. M&T Bank is a Member FDIC, Equal Housing Lender and Equal Opportunity Lender.