Financially Preparing For Your New Addition

Babies need things. Diapers, for starters. Later there may be child care, tricycles, soccer uniforms, camp, their first mobile device, car insurance, and inevitably education costs. You don’t want to get ahead of yourself, but it will all be easier if you prepare. Kids may be expensive, but they’re also priceless.

Helpful Accounts When Having a Baby

Save those Cash Gifts for Baby

You know those monetary gifts you got for the baby? Instead of buying all the latest baby tech, sock some of it away. CUTX has savings plans that start paying interest with only $100 deposited. We have a Holiday Savings account too, for when you want to lavish baby with gifts.

Certificates of Deposit

College seems a long way off when your baby can’t eat solid food. But as every veteran parent will tell you: “It goes so fast.” Get ready for the big expenses. Our CDs can be opened with as little as $1,000. The more you save, and the longer you save, the more you earn. Start today!

Train Your Child to Be a Saver

Our Kids' Savings Accounts help your child learn the benefits of saving from an early age, so it becomes a habit. Only a penny is required to open an account and the interest rates are higher even than our other savings accounts. Teach them the wonder of compound interest!

Planning for Large Purchases

Car Loans for Carseats and Carpools

Babies require stuff: carseats, strollers, and later room for little friends. CUTX auto loans usually have much lower interest rates than you’ll find at the dealership. Getting prequalified lets you know your budget ahead of time and helps you negotiate a lower price.

Improve Your Home With a HELOC

Repurposing a room for a nursery? Need to expand a space or add storage? Learn from the parents who have stepped on one too many toys — it’s good to have a place for kid things. Our low-rate Home Equity Lines of Credit revolve, like a credit card. Make the improvements you need, then pay it down. Save space and money.

Check Out Our Low Mortgage Rates

Having children changes your priorities a bit. Maybe you need a yard; maybe to move to a better school district. If it’s time for a new home, CUTX mortgages are worth checking out. Get prequalified today. We can help figure out the best loan terms for you, before you start shopping.

FAQs - Having a Baby

Many people bargain hunt for items like cribs, strollers, even diapers! How much you need to plan for depends on whether you need to pay for child care, medical expenses for the birth and pediatrician visits, how much you spend on baby’s furniture and travel devices, whether you need a new car…. Every family is different. It’s smart to look at your own situation and do the math so you can plan accordingly.

Some experts predict college could cost as much as half a million dollars by 2040. Public universities tend to be much less expensive than private colleges. But private colleges often have endowments to help students. The smartest plan is to begin saving early.

Every family is different. Some parents throw thousand-dollar birthday parties for toddlers, and others shop all their baby clothes from thrift stores. The U.S. Department of Agriculture says it costs around $13,000 a year to raise a child. That may sound like a lot when the baby is fussy or going through Terrible Twos, but it often seems like a pittance for the joys of being a parent. Still, it’s good to plan for the expenses.