Money Date – Having a Baby and First Financial Steps
You can never prepare enough for this amazing life event – emotionally, physically, or mentally. However, there are steps you can take to prepare financially.
You all know Yuri and I just welcomed our baby boy Liam into our family 15 weeks ago. What a life change!
Here’s a laundry list things for your consideration. I know you might not get it all done before the baby arrives, I certainly didn’t, but at least you can get a jump start on organizing your finances!
Before the baby arrives:
- How much time will you take off? Is it going to be paid? Do you get maternity or paternity leave?
- Set a budget. How are you going to manage living expenses? I could almost do an entire session on this alone. I’ve spent a ton of money on getting all of the baby things we needed before Liam was born – and after.
- Think about medical coverage. Make sure your coverage is in place and double check it will cover the delivery.
- Do you have life insurance? Yuri and I planned this way in advance and made sure we secured additional coverage.
After the baby arrives:
It’s going to be awesome, overwhelming, and challenging at the same time. Take life one day at a time.
- Add your child to your health insurance plan in the first 30 days. Hard lesson learned…even though I called and double called, they still didn’t add Liam!
- Plan for child care. At least start thinking about what will happen beyond your time off with the baby.
- Get your estate documents updated.
- Open 529 plan. Education savings is critical!