Starting a Family

How to make the financial transition to being a parent

Starting a family is a time of joy and anticipation. But for many new parents, it can also seem a bit overwhelming. There are new roles and responsibilities as well as a new set of financial priorities and issues to consider, from child care expenses and tax implications to saving for education.

Planning ahead will make the transition to parenthood a lot easier. Here are some ways to get started:
Make sure you request a Social Security number for your child right away. You'll need it to claim a dependent on your income tax return, to designate him or her as a beneficiary on your 401(k) or IRA, or to open a custodial account or 529 plan. For details, go to


Turning 50?

Get financial answers for this important stage of life.

New Book

Your Feedback

Do you have a question or comment about family finances?

Let Us Know

Investing involves risk, including possible loss of principal.

The information on this website is for educational purposes only. It is not intended to be a substitute for specific individualized tax, legal, or investment planning advice. Where specific advice is necessary or appropriate, consult with a qualified tax advisor, CPA, financial planner, or investment manager.

The Charles Schwab Foundation is a 501(c)(3) nonprofit, private foundation that is not part of Charles Schwab & Co., Inc. or its parent company, The Charles Schwab Corporation.

Charles Schwab & Co., Inc. ("Schwab"). All rights reserved. Member SIPC.