With all of the excitement of adding a new baby to the family, it’s easy for the parents to overlook some key financial steps to take. In honor of Mother’s Day, here are seven tips you might want to share with them or consider for yourself (all from Forbes’s article):
1) Add your child to your health insurance policy 2) Update your will, trust, and beneficiary designations 3) Ensure you have adequate life insurance 4) Plan for childcare expenses
“Becoming a parent is the most life-changing event that many will experience. You are suddenly not only responsible for yourself, but also another person who depends on you for everything.
“When getting ready to embark on this exciting (and, perhaps, scary) new adventure, preparation is key. Both before the baby arrives and in the weeks after, it’s especially helpful to be ready for the financial changes to come. It’s estimated that total child-rearing expenses from birth to age 17 for a middle-income American family is now $233,610. Although the range of expenses across families is wide, the truth is that adding a little one to the family is quite expensive.” (Haven Life. 27 June 2018.)
Read all of Haven’s suggestions on their financial checklist for new parents: