Financial Considerations for Upcoming or New Parents
Plan for how much time you or your partner are going to need to get off of work and understand how this will affect your upcoming household bills. Look up your company’s policies and understand your state’s laws on how a maternity leave will affect you.
First understand that babies come with a lot of new expenses that you have to plan for. In the coming months of having a baby you need to have prepared a shopping list for the new addition to the family. Think of things like diapers, strollers, new food expenses, a crib, bottles, etc. It will add up in the end so it’s better to have a plan in the beginning.
Health & Life Insurance
Know that your baby will need to have health insurance and generally you have around 30 days to add your child to a health insurance plan. Some employers allow 60 days, but it’s best to add them as soon as possible so that if your child has any health issues, you will be covered. Consider adding a life insurance plan for your baby as well. You never know what will happen in terms of the future but it’s always best to be prepared and ready for it.
If you and your partner are both working, chances are you’re going to need to get back to work now that your baby is here. You’re most likely going to need to find a daycare or a nanny to take care of your baby while you’re working if you can’t find a family member who can.
Even though it might seem like a long time from now, it’s better to start saving for your child’s college education as soon as possible. This way you won’t have to worry about it later and it can be a lot more manageable with the time you’ll have.