Having Children

With all of the excitement that comes with having a child, it can be easy to get swept up in selecting a name or planning a baby shower instead of making financial preparations for the addition to your family.  However, as you think about caring for your child, be sure to reflect on the not- so- glamorous, yet equally integral part doing so: managing finances.

Though reviewing your budget, outstanding debt, and money management strategies amidst the process of planning for a baby may not feel like the right time to consider such matters, taking stock of your money matters before the your baby’s arrival offers you the opportunity to explore these questions before trying to approach them after the baby has arrived.

For some people, reviewing or talking about finances is an uncomfortable exercise. If, indeed, you feel anxious or hesitant to review your personal finances, take a few moments to reflect on this emotion and its causes. Was money a stressor in your household as a child? Did your family members seem stressed when talking about money? Are there aspects of your personal finances that you are hesitant to face or disclose? Are you unsure of where to begin?

If you are feeling unsure or overwhelmed by the prospect of addressing your finances, you may wish to reach out to Employee Assistance Program for support. Talking to an unbiased listener can be helpful in sorting through emotions and developing an approach for addressing the matter.  Professional counselors are available to assist you. For support on the Boulder campus, please visit CU-Boulder's Faculty and Staff Assistance Program website.  For support on the Anschutz, Denver or UCCS campuses, or in the System office, please visit the State of Colorado Employee Assistance Program website.

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Take stock of your finances.

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Consider your situation and options.

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Implement solutions.

Disclaimer: No communication is intended to be, or shall be construed as, the rendering of any legal or professional advice whatsoever. Any such advice or direction is disclaimed. Further, any information contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for purposes of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or tax-related matter addressed herein.