Growing Family Benefits provides personal finance information to help young families and new parents. The guidance boils down to two interrelated concepts: build credit by protecting income!
Health events trigger half of all bankruptcies in the United States. Most people had health insurance in place before their medical issues began. Financial problems crop up quickly when expenses spike at the same time that income drops.
Young families and new parents need to build credit in order to drive to work, buy a home, and finance their children’s education. This means establishing a positive record of borrowing money and repaying the lender on time and according to terms.
Protecting income is the best way to ensure this happens.
Young families and new parents often face disruptions in income each time mom has a new baby. Both mothers and fathers often take an unpaid leave of absence from work to bond with their newborn.
Unpaid leave can crop up with everyday accidents and illnesses as well. All of these income gaps make it difficult to stay current on regular bills.
Families can quickly find themselves trapped in a snowball of debt. Avoid this dilemma by taking proactive steps.