March 25, 2010
Prepare Your Finances for Pregnancy
(WHITE PLAINS, NY, March 25, 2010)—Taking the time to review your finances and develop a plan is an important step in preparing for a baby, especially when you consider estimated costs for a child’s first year to be between $9,000 and $11,000*.
Since 2003, ACE Cash Express and its associates, partnered with customer support, have contributed more than $2.7 million to March of Dimes. To continue this longtime support of families and babies everywhere, ACE offers five tips for getting your finances ready for baby:
1. Control spending: Develop a plan to control personal and household spending. In addition to budgeting, consider using tools such as prepaid debit cards. The use of prepaid cards is expected to grow 22 percent a year for the next three years as more and more people look for ways to maintain a budget, according to reports from William Blair & Co.
“Focusing on baby-related necessities will ensure preparation for the new arrival,” said Eric Norrington, senior vice president of Public Affairs at ACE Cash Express. “Prepaid debit cards are a good tool because spending is limited to the preloaded amount. In addition to helping control spending, the ACE prepaid debit card offers a savings account that earns five percent interest and is FDIC insured.”
2. Streamline financial services: Consolidating financial services can reduce money management stresses people experience every day. Direct deposit and automatic bill pay are services to consider that will reduce steps in the weekly management of finances.
3. Check your insurance and work benefits: Be familiar with your health insurance or other employment benefits so you know if it covers prenatal check-ups, prescriptions and delivery. Also, you need more than a car seat to take your new baby home. Check to ensure you have the appropriate auto insurance.
4. Consider tax implications: Adding children to your family may reduce your taxes. Consult a tax professional if you have questions.
5. Step up your saving: The savings account should be large enough to cover emergencies, but also help prepare for your child’s future.
ACE Cash Express is helping families have healthy babies by supporting the March of Dimes. Throughout the months of March and April, customers can donate at all ACE locations in recognition of a baby in their life. People can also sign up to walk in March for Babies at marchforbabies.org.
“As an organization working with families each day we know there is often stress associated with finances,” said Norrington. “And having a baby can be an added source of financial stress. That’s why ACE is pleased to continue our support of March for Babies and all babies and to provide financial resources for parents and parents-to-be.”
“March of Dimes is grateful to have ACE and their customers helping us in our mission to improve the health of babies,” said Dr. Jennifer L. Howse, president of the March of Dimes. “Their support means so much to young families.”
About the March of Dimes
The March of Dimes is the leading nonprofit organization for pregnancy and baby health. With chapters nationwide and its premier event, March for Babies, the March of Dimes works to improve the health of babies by preventing birth defects, premature birth and infant mortality. For the latest resources and information, visit marchofdimes.com.
About ACE Cash Express
ACE Cash Express, Inc. is a leading retailer of financial services, including short-term consumer loans, check cashing, bill payment and prepaid debit card services. For additional information about ACE Cash Express, visit acecashexpress.com.
* U.S. Department of Agriculture