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Money Sense for New Families

5 Tips from Financial Planners

By Debora Geary and Reathel Geary

However, college funds may not be the most important long-term saving priority. "If you have to choose between saving for college and retirement, save for retirement," says Miller. "If you build up your retirement savings when you are young, you will have more cash flow for college when that time arrives."

Sometimes it might feel selfish to prioritize your needs in front of your kids, so Miller recommends a way of saving that will do both. "The best solution: Make the maximum contribution to a Roth IRA each year," she says. "These funds may be used for college."

5. Teach your children financial literacy – Family financial planning is not just for parents. "It's never too early to educate your child about the importance of saving and how money grows over time," says Leff. "It's also important to share with your child your own values about financial, material and spiritual wealth." Your children will learn by watching how you handle finances.

Well, no one said financial advice would sound easy, but don't be overwhelmed. As Miller so succinctly reminds us: "By the inch it is a cinch; by the yard, it is hard." Try a budget. Make a will. Hide one of your credit cards. Baby steps. Parents are good at those!

Want to see more?

• Parents' Top 10 Money Mistakes: The Most Common Financial Errors and How to Avoid Them
• Moms and Money Matters: Increasing Your Financial Proficiency
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