This Saturday (November 17, 2012) was National Adoption Day. Adopted children and adoptive parents across the country celebrated their ability to become family, and the day also likely prompted many more to consider adoption. Adopting a child is rewarding in many ways, but it can also be expensive. Ameriprise financial advisors are available to discuss some of the following things individuals and couples should consider as they prepare to adopt:
- Ways to help prepare financially for an adoption – from the very beginning stages of the process to bringing home a new child for the first time
- Employer, community or government aid that may be available to families who are adopting
- Unexpected costs that may occur during or after the adoption process
- The tax implications of adopting a child
- Smart ways to budget and perhaps borrow money to help cover the costs of adoption
For members of the U.S. military, traveling and re-locating often, returning home following a lengthy deployment and living with uncertainty isn’t always easy. Establishing a routine after a big life event like a re-location, deployment or completion of your military service can be challenging, and comes with many new decisions – including new or changing financial choices and obligations. As we honor those who’ve served our country this Veteran’s Day, Ameriprise financial advisors are available to talk about:
- How members of the military should establish or re-fresh their household budget and long-term financial plan after returning to the U.S. or relocating to a different part of the country or globe.
- Ways to plan for necessary big purchases or life events when returning stateside after a deployment. These may include everything from purchasing a home or vehicle to planning a wedding or to start a family.
- Special financial considerations for spouses of deployed service members and the importance of ensuring that they are equipped with the tools and knowledge to address financial matters while their spouse is deployed.
- Strategies for planning for retirement and college education (for oneself or family members) as a member of the military or a veteran.
- Where to find various financial and educational resources available to members of the military and veterans, and the impacts of laws and programs such as the Soldiers and Sailors Relief Act and the G.I Bill.
- The importance of establishing a support network for active military members and veterans, their spouses and their families.
- Helpful tips for veterans conducting a job search in the civilian world.
The cost of participating in extracurricular and summer activities adds up fast. Just consider the fees and discretionary costs tied to kids’ sports, art and foreign language lessons, dance classes, music instruction and other clubs. While these activities certainly enrich children’s lives, how can parents avoid breaking the bank to provide their children with these opportunities? Ameriprise financial advisors are available to discuss how parents can manage these costs, including:
- Ways to assess an activity’s true cost and how to plan for the unexpected expenses that may arise from it.
- How to effectively budget for extracurricular costs and include them in an overall financial plan based on how many children a family has and what kinds of activities they’re involved in or wish to be involved in.
- Steps to reduce costs. Parents can work as a group to determine what expenses they can and can’t help pay and how to get involved in lowering costs by making decisions as a collective group.
- Strategies for parents to communicate with their children about the costs of activities and how to help a child prioritize from a financial standpoint if he or she is interested in too many things.
Ultimately, the benefits of enrolling children in extracurricular activities usually outweighs the costs of doing so, but being strategic about the way parents pay these out-of-pocket costs can help them create a more comprehensive budget and better save for their short and long-term financial goals.