Steps To Prepare Financially Before Having a Baby

1. Steps To Prepare Financially Before Having a Baby If you’re preparing financially for a baby or new addition to your family, you probably have a million things running through your mind. Whether your mind is on diapers or you’re concerned about child care costs, we’ve put together this list to help you prepare for the arrival of your new family member. 1.Review Your Health Insurance:- You’ll need to add your new addition to your health insurance policy, so take the time to review your policy now, while everything is relatively calm. If you’re currently covered through your job, you can find out how by contacting human resources, or talk to your insurance provider. 2. Register Early:- New additions are exciting for everyone, including family and friends. It’s likely they’ll be looking for ways to get involved or to help, which is why it’s a good idea to set up a registry. Register for everything from diapers to the big stuff so there’s something at every price point. 3. Set Up a Baby Account:- Consider a separate savings account where you can start putting money away now. You might also consider setting up automatic transfers from your checking account to your savings account after each paycheck to help you build your savings without having to think about it. 4. Create a New Budget:- Start by talking to your spouse or partner about any big changes that might impact your finances. Look at your current budget—see if you can find wiggle room in your discretionary income and savings. 5. Purchase Life Insurance and Create a Will:- Getting life insurance and creating a will are not only parts of smart financial planning, but they can also provide comfort in knowing there is a plan in place that protects and takes care of your family. Source: bettermoneyhabits.bankofamerica.com w w w . t h e b a d d a d d y . c o m