To all Moms: Where do you go for financial concerns?

Moderator: melsbells


Posts: 5
Joined: Tue May 2, 22:32 2017

To all Moms: Where do you go for financial concerns?

Postby DayOne » Wed May 3, 0:45 2017

I guess, this is quite random to ask. But as a mom , I only want the best and think of things like financial planning, loans and insurance for myself and my children. I'm curious about your point of view about money lending and other plans. Do you consult a bank, credit union or some other lending organizations? Where do you go for financial concerns and why? It might help me decide for future needs.

Posts: 182
Joined: Sat Jul 2, 9:33 2016

Re: To all Moms: Where do you go for financial concerns?

Postby Taurwen » Wed May 3, 6:34 2017

We haven't opened an account yet, but we planning on getting the baby a five year GIC every year for his birthday. We'll probably just go with who ever has the best rate at any given time.
We haven't quite decided where we want to get the more permanent regular account. I like the idea of a credit Union but I feel like I don't have quite as much faith that they'll be around for 20 years.

User avatar
Posts: 421
Joined: Mon Apr 6, 5:42 2015
Location: US

Re: To all Moms: Where do you go for financial concerns?

Postby DarkOne » Wed May 3, 8:35 2017

My household has two working adults and two small children. We were fortunate to be in a position to start saving for retirement, so we found a financial adviser before having kids who helped with retirement planning. He helped educate us about options when it came to savings for the kids, including education-specific savings. We set up life insurance and medical insurance for our family through our job benefit plans. We don't buy life insurance for the kids. We still need to set up formal wills, but we haven't gotten around to that. I don't think I'd trust anyone at my bank for any long-term financial planning. I'm not going to pretend to fully understand all that financial planning stuff, but my partner seems to be on top of things and trusts our current adviser.
In your shoes I'd set up appointments with a few financial advisers (that should be a free session). Prepare ahead of time with a google search of "Questions to ask a Financial Adviser" or something along those lines, and ask whatever seems relevant to you. Then read up on anything they say which leaves you confused and go from there. Don't rush your decision. Good luck.
"Winston Churchill once said 'The eyes are the windows of your face.' " -A man who's very scared of plants.

Ileen Kotter

Posts: 10
Joined: Thu Jul 21, 4:42 2016

Re: To all Moms: Where do you go for financial concerns?

Postby Ileen Kotter » Sat May 6, 5:36 2017

We maintain 2 bank accounts for our savings. However, we don't rely on the bank if we need extra money. We often go to credit union companies if we need to apply for a loan. They offer lower interest rates and the mode of payment is more flexible.


Posts: 24
Joined: Wed Jun 24, 20:15 2015
Location: Northeastern US

Re: To all Moms: Where do you go for financial concerns?

Postby lyra211 » Tue May 9, 8:01 2017

We also met with a financial advisor before our son was born -- it was somewhat helpful (although I think my husband is more financially literate than most because he's the son of two accounting professors). If you do decide to go the financial advisor route, definitely look for an independent advisor rather than one that is employed by a bank or credit union. You have to pay a fee for their advice, of course, but independent advisors don't get commissions for selling products to you and therefore do not have a conflict of interest in recommending specific products or services. I think we found ours through this website:

User avatar
Posts: 9521
Joined: Fri Feb 20, 11:01 2004
Location: US

Re: To all Moms: Where do you go for financial concerns?

Postby rowan » Tue May 9, 10:18 2017

My father in law does financial advising so we kind of have an in-house advisor? But seriously someone with expertise is great. There are various "how to do finances" through our local community ed, which I'd probably consider if I didn't already have someone to ask. Maybe something like that near you? Libraries also sometimes have programs.

Also I know you can do wills and stuff on your own but honestly I found it super useful to talk through it with a lawyer who does that. She thought of things we never would have. (hm really should revisit now that kid is older) It was a one time fee and not that bad.

We do most of our banking through a credit union. Have been happy with them. We refinanced our mortgage through them when we did that. I remember the big credit union bust ages ago, but there are lots more protections in place now and big banks can be pretty awful.
spacefem wrote:All your logical argue are belong to us!

Return to “Pregnancy & Parenting”

Who is online

Users browsing this forum: No registered users and 1 guest