Once you have children, a new sense of responsibility takes over. With a small person depending on you, you want to do what’s best for your young family. Here are a few wise moves to consider. Begin with a Budget To get your budget started, find out where your money is going. Keep track of every dollar you spend. You might be surprised at how fast miscellaneous expenses add up. Then, look for places to cut back to free up some extra cash for saving and trimming debts. Deep Six the Debt Mortgages, car loans, school loans, and credit card debt can add up fast. Having too much debt can make it hard to get ahead. Your financial professional can help you evaluate your situation. Save for College and Retirement If one of your goals is to help finance college for your kids, it’s best to start saving while your children are young. But don’t let saving for college take the place of saving for retirement. You’re likely to need a lot of money for a comfortable retirement. If possible, set aside money each month for both goals. Get Life and Disability Insurance Make sure your family will be taken care of if you die or are unable to work. If your employer provides disability and/or life insurance coverage, make sure it’s adequate. You may want to purchase supplemental policies. Your financial professional can help you determine if you have enough insurance. Establish an Emergency Fund Work on putting three to six months’ worth of income into a savings account. Then you’ll have a cushion should something unexpected happen.