As your family grows, you’ll find your life changing in various ways, requiring continuous adjustments—especially when it comes to your finances.

To help protect the well-being of your loved ones, here are some steps to consider when planning for your family’s future.

Establish financial goals

No matter what stage of life you’re at, it’s important to set financial goals so you can understand what you’re planning for. You’ll want to establish both short- and long-term ones, such as building an emergency fund or purchasing a new home. Once you have objectives in mind, evaluate your different income streams, expenses, and savings to better recognize your current financial position, then work to create a comprehensive budget that works for you and your partner. The 50-30-20 rule is a good place to start, which involves allocating 50 percent to your needs, 30 percent to your wants, and 20 percent to savings. Whichever method you go with, you’ll want to revisit and adjust your budget periodically to account for new expenses that crop up as your child grows.

Build an emergency fund

Because parenthood can come with many twists and turns, you should prioritize creating an emergency fund to act as a safety net. Ideally, it should cover between three to six months of your living expenses, and you’ll want to make sure it’s readily accessible in your savings account. The idea of saving such a high sum can seem intimidating, but it doesn’t have to be. Simply make it a part of your budget, setting aside a specific amount each month until you have enough put away. It may take some time, but it’ll be worth it in the long run since you’ll have funds to fall back on during unforeseen circumstances like medical emergencies or job loss, providing financial stability and peace of mind, allowing you to continue caring for your family during a challenging period.

Review your insurance coverage

Over the years, be sure to regularly examine your insurance policies to ensure adequate coverage for your family’s needs. Health insurance is a necessity throughout all of parenthood as it covers prenatal care, childbirth, and pediatric health care. You may also want to look into getting life insurance to help protect your family’s financial future in the event of your untimely death along with disability insurance to replace your income if you’re unable to work at any point due to injury or illness. Both of these measures work to keep your family financially secure in the face of uncertainty.

Save for educational expenses

The cost of higher education increases each year, making it vital to start saving for your child’s educational expenses as early as possible. Consider investing in tax-advantaged savings options like a 529 plan or opening a new high-yield savings account that’s solely for your kid’s future; this will help ensure that you don’t touch the money for anything else. Regular contributions to these accounts can help mitigate the financial burden of college tuition and related costs down the road. For more tips on planning for educational expenses, check out this guide.

Work on estate planning

Though you may think of an estate plan as something for your later years, it’s never too early to create one. At a minimum, it should include a will that designates a guardian for your child and distributes your wealth and assets according to your wishes; you may also want to add a power of attorney for instances where you’re unable to make decisions regarding your finances and health. And don’t forget to regularly update these documents as your situation changes, adjusting the beneficiaries as necessary.

Parenthood can be a roller coaster of a journey, but by implementing these strategies, you may be able to navigate it with more confidence and better plan for the future of your family.