Mommy Matters on FOX: Financial planning tips for parents - FOX Carolina 21

Mommy Matters on FOX: Financial planning tips for parents

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Charlotte based firm, Parent Financial, expanded its services in the Upstate to guide parents through the process of planning for a family. 

It's founder, Court Creeden, said his passion for helping parents grew out of personal experience.

"I had two close friends, they were both young dads. One passed away in a car accident and one got cancer and realized that they had never taken the time and most importantly nobody had ever walked them through understanding all these important aspects of their lives," said Creeden.

Creeden said he realized then there weren't a lot of financial planners like himself helping young family's and that's how parent financial was born.

"Most people in finance work with older individuals who have wealth, and there was nobody that was taking the time to work with parents to not only understand what their benefits were, but how do they need to go about just managing the day to day expense of being a mom and a dad," said Creeden.

Recent numbers released by the USDA show the cost of raising a child born in 2015 is up to nearly a quarter million dollars.

Creeden said it can be an overwhelming process for parents to begin the process of saving and planning so his goal is to help parents get a foundation in place. 

"There's so many things to try to think about. So many things to thing about so we start in what we call foundational planning where we're walking them through the basics of finances so they have a really good starting point," said Creeden.

He said foundational planning starts with establishing things like a clear budget, savings account, insurance and wills and trusts.

Creeden and members of his team like Stacey Allan, walk through that checklist in a free consultation with clients and then two more free meetings to get that foundation in place. 

Allan said it's why she recently signed on with Parent Financial to be a financial advisor for the Upstate.

"If we charge a fee and they can't save for an emergency fund, then we've defeated the purpose of creating a foundation so in those initial three meetings we want to make sure that people are set before we move into more comprehensive planning," said Allan.

Allan and Creeden said comprehensive planning is more in-depth and includes things like retirement and saving for college.

Before clients think about that, Allan and Creeden said the number one goal is to plant firm financial roots to help the family tree grow and flourish.

"We really just have a passion for making sure parents are starting off on the right foot," said Allan.

Parent Financial also offers free "Financial Checklist for New Parents" classes across the Carolinas and in the Upstate. For more details on parent financial, click here.

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