Affordable Term Life Insurance for Dads, Moms

Family Money

by Janis Brett Elspas, Editor

Mommy Blog Expert

MBE parternered with Responsival for this post

Term Life Insurance Important, Accessible to Families

As parents, we often spend so much time focused on just getting through each day, worrying about our family -- feeding the kids healthy meals, making sure they get to school and activities on time, taking care of their health and more, as well as balancing the family budget. But there’s another layer to family finance that often gets overlooked: term life insurance. 

An Important Discussion for Parents

Talking about life insurance may not be the most fun topic to chat about with your mom or dad friends group online or while waiting in the carpool lane at after school pickup. But when you have children depending on you, this is one of the most important ways you can protect your family. Term life insurance ensures that in the event that the unthinkable happens, your kids will be financially cared for --from keeping the roof over their heads to covering everyday expenses, college, and beyond. 

Here’s the part few parents realize: term life insurance cost is often much more affordable than you’d expect. On average for this type of insurance, an independent study shows that monthly premiums cost around $26, which is less per month than a couple of takeout dinners or a streaming subscription. 

Surprisingly Affordable for Families 

According to a recent analysis, it will cost approximately $300,000 to raise a child today from newborn to adulthood. When you consider how expensive raising kids already is (hello baby equipment, braces, sports fees, summer camps, and college savings accounts!), this small monthly cost to cover term life insurance can actually fit seamlessly into your overall household budget. 

Think of it as one more expense line item in your parenting toolkit -- just like groceries, gas, or extracurriculars -- but one that can provide peace of mind for the well-being of your kids. If you’re wondering where to find the extra dollars to cover the nominal cost of your term life insurance policy, you don’t need to stress. Making small but intentional adjustments in family lifestyle spending can easily provide you with the  savings needed to pay for this type of life insurance. 

5 Simple Ways to Free Up Money for Monthly Premiums 

Here are five realistic ideas parents everywhere can use: 

• Skip just one latte a week on your way to work. That’s about four fewer lattes a month -- easily enough to cover affordable policies. 
• Pack lunch instead of buying out once a week. Brown-bagging lunch savings can add up to $20–$40 monthly. 
• Cut back on unused subscriptions. Cancel that forgotten app, magazine, or duplicate streaming service and redirect those funds. 
• Opt for one at-home family movie night instead of going to the theater. Just one swap could cover nearly a month’s premium. 
• Plan meals smarter by using leftovers before food spoils. Reducing food waste by $10–$15 a week means you’re already ahead on covering the cost. 

Parenting, Peace of Mind, and Family Finance 

At its core, term term life insurance cost isn’t just about money—it’s about love, responsibility, and protecting what matters most. Parenting is already one of the biggest and most rewarding jobs in the world. Knowing your children will be taken care of financially, no matter what, is one of the greatest gifts you can give them. So, while getting term life insurance may feel like “one more thing” to think about and one more expense decision to make, the truth is that it’s a surprisingly small financial step that brings enormous peace of mind. 

With a little planning and a few lifestyle spending adjustments, you can easily fit term life insurance into your family budget. And in today’s world of ever-rising costs of raising kids, that’s one investment in your family’s future that’s well worth it. 

Free Character Drawing Camp for Kids

Creativity

Character Design Virtual Workshop July 28 - August 18

I love sharing freebies with MBE's national family lifestyle audience. But when it comes to sharing free, worthwhile creative art activities like Creativity Camp that will engage your kids this summer, I can't wait to tell you all about it. So, let's get started!

MBE participates in the Amazon Affiliates program, post contains affiliate links

WHAT

Creativity Camp, hosted in partnership with Wacom and Best Buy, is an annual complimentary online workshop series. The program is designed for both kids, young creators and beginner artists who enjoy sketching and drawing and would like to learn how to create (or up their skill set game) to draw original characters for comics, illustrated stories, video games, anime, and more. Wacom will be giving away the company's drawing tablets during each class (giveaways are open to attendees who are US residents only).  

4 Workshop Sessions Include

• Introduction to Character Design
• Shape Language, Intro to Model Sheets
• Expressive Faces, Poses Design
• Final Details, Professional Feedback

WHO

Led by seasoned illustrator and educator Lafe Smith, Director of Arts in Graphic and Web Design at Minneapolis College of Art and Design (MCAD), this weekly Zoom series to be help Mondays, July 28–Aug 18 requires nothing more than a pencil and paper to join in the fun and learning. In each session, Smith will provide participants with insider tips, tricks, and step-by-step directions. Throughout the program Wacom tablets -- the same ones used by top artists at animation movie studios like Disney and Marvel (the later, a subsidiary of Disney) -- will be featured in live demos, and all sessions include bonus resources, materials, and replays. Another perk of participating is getting complimentary feedback from a professional illustrator.

WHEN 

Creativity Camp 2025 is an online series to be held each Monday, July 28 through Monday, August 18, 2025 from 3 to 4:30 pm PDT.

HOW 

To participate in this virtual month-long workshop, register Free to attend Creativity Camp. Sign up now and join this fun, skills-building program to learn how to draw digitally. Don't worry if you miss the start of camp or any of the individual sessions, once you're registered you'll be able to catch up and access the recordings of each class.

 

Wacom Drawing Tablets for All Skill Levels

Pictured above, just a few of the brand's product line

• Wacom Intuos Drawing Tablet for beginners
• Wacom One Drawing Tablet for entry-level pros
• Wacom Movink OLED Drawing Tablet for professionals

ABOUT

Creativity Camp is a collaboration of Wacom and Best Buy. Headquartered in Japan, Wacom makes graphics tablets, interactive pens and stylus products for a global audience of creative skill levels from hobbyist to professional. The brand's devices are used professionally to draw and sketch in the fields of digital illustration, graphic design, photo editing, film and animation. Best Buy is known primarily as a consumer electronics retailer selling computers, tech accessories, cell phones, TVs, major household appliances and more. 

Custodial Roth IRA Benefits for Kids

Family Money

by Janis Brett Elspas, Editor

Mommy Blog Expert

MBE partnered with Responsival for this post

Saving for Your Child's Future

With savings interest rates so low right now, it's the ideal time to think about other ways to get each of your kids started with building a nest egg that continues to grow throughout childhood and into their 20-something years and beyond. While far less common, a solid option to consider is a Custodial Roth IRA which parents and legal guardians can set up for children. Not only does this present the opportunity to teach kids about money management early it also helps them build long-term wealth at a higher rate, giving kids a headstart on financial independence.

 

 

Custodial Roth IRA for Kids Basics 

You may be wondering what on earth is a Custodial Roth IRA? And why you should you even care about setting up one for your son or daughter? So, let's get right into it.

In the simplest terms the Custodial Roth IRA is a retirement account for kids. It's managed by you and you can be set up an account for any age child. When the minor reaches the legal age of adulthood (typically 18 or 21 years old) the funds in the account are transfered into their name. This type of child's account is just like a standard Roth IRA for grownups -- after‑tax dollars earned from work by the contributor go in and qualified withdrawals later are tax‑free. 

You can contribute the amount your child earns each year, whether from teenager earned income like babysitting, mowing lawns, modeling, or any W‑2 part-time or summer job. Parents, Grandparents and others may also contribute their own earned income until the child's account reaches a maximum of $7,000 of deposits per year as of 2025. The main difference from a Roth IRA is that mom, dad, or a legal guardian has to be the one to open and oversee the custodial account since minors can’t legally sign on their own.

 

Why Consider Custodial Roth IRAs for Kids 

Compound Interest is "Magic" 

Starting young, small contributions from kids part-time jobs can indeed grow huge over time. While not really magical, here's an example. With a $7,000 initial balance the first year, a Custodial Roth IRA (currently the average return rate is 6 percent) can potentially compound -- because both the principal and accumulated interest earn interest -- to almost $140,000 in 50 years. 

You can get a more personalized estimate of earnings based on what you think your account contributions might be with this free compound interest calculator.

Contribution Accessibility 

You can withdraw the money you put into a Custodial Roth IRA at any time without taxes or penalties. This is a really useful strategy when your teen needs funds for a big expense such as college, a car, or perhaps even a backpack trip to Europe. Later an adult child may tap into their account for bigger expenses for things like buying a starter home. Remember, however, that like regular Roth IRAs, the withdrawal of any tax free earnings are subject to the Roth rules of a 5-year holding period, wait until age 59.5 or meeting qualifying exceptions.

Kids Usually Are In the Lowest Tax Bracket 

Since the average child doesn't earn a salary or have a full-time, year-round job, they generally pay little or no income tax for the jobs they earn money for. In this position, the after-tax structure of a Custodial Roth IRA is advantageous for them. Not only are they paying less tax now while they are under age, they're getting access to tax-free withdrawal decades later when they're likely to be earning a lot more money because they're in a higher income bracket. 

Smart Saving for the Future is Educational 

Once a child has grasped simple math concepts in school, it's a good time to introduce them to their Custodial Roth IRA. 

Get creative with age-appropriate ways to teach and show them how interest works and how their money can increase. For example, for a 5 or 6 year-old you can use coins and show them how money can increase if they're saving it in this type of Roth IRA for kids. 

Over time, with your encouragement, tween and teens can work on more complex mathmatical challenges under your guidance working together with you to manage their investment, teaching them responsibility, budgeting and the benefits of saving early. It's a finance lesson they won't forget and will serve them for a lifetime.

 

Conclusion

In short, Custodial Roth IRAs are under-utilized in the US as only a low percent of kids currently have one. Yet, this is a powerful tool worth knowing about. It's an investment that combines a smart tax strategy, flexibility, education and money responsibility, with compounding earnings over time. 

Sure, your child is young, but starting their financial journey early and watching it grow together is one of the best gifts you can give them!