Budgeting for Baby… Now and in the Future Find Child Care
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Child care expenses can easily be the largest monthly expense for your baby. Take time to research your options. Child care facilities offer many options, levels of care, hours, food, classes, and other benefits and options – things you want to know when considering who cares for your child. Which facility or caretaker best fits your budget and lifestyle? Where do you feel your baby will feel safe and comfortable?
Start Planning for the Future Once your baby’s social security number is in your hand, look in to special savings accounts for college. Encourage family and friends to make contributions to this fund in lieu of toys for special occasions. Parents do just fine showering their children with toys and love…so make each special occasion a time to prepare for the future and contribute to this very important fund.
Prepare a Will Photo Courtesy of ???? Photo Courtesy of Prince Prints
A new baby brings big financial changes and budgeting challenges…What does a baby cost? How do I plan financially for the arrival of my baby? What expenses will I incur before and after my child arrives? What plans should I be making to secure the future of my child? So many questions and concerns…and while some expenses are obvious – if you’re budgeting for baby, you have to plan for the unexpected. Government estimates suggest that you’ll spend about $10,000 on child-related expenses in the first 2 years of life. It is important to break down the one-time expenses – décor, equipment, gear; the monthly expenses – medical, food, clothing, toys, child care; and those unexpected expenses – life insurance, education savings.
Plan for Medical Expenses Did you know you’re already financially planning for your little one’s arrival? You are making financial arrangements with your doctor and the hospital as you progress through your pregnancy. It will be important for you to contact your insurer to see what additional medical expenses you could incur in case of complications. You’ll need to have your child on a health plan by the time he or she is 30 days old. Talk to the professionals – get the best coverage for your child and your family.
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A will is a financial responsibility you have to your new family member. If something should happen to you, it is important to decide who will step in as their legal guardian. Who will protect them financially? If for no other reason – taking care of your child or children requires that you have a will. Without a will, you have no say as to how your assets are distributed after your death. Use a professional, ask questions, execute a will that covers every concern. Should you have life changes – more children, adoption, marriage or remarriage, change of executor, moving to another state with different laws – update the will.
Plan for the Unexpected - Life Insurance You have big plans for your kids and want to see them realize their hopes and dreams. It’s hard enough to make that happen the way it is. But what if you, your spouse, or both of you were to suddenly be out of the picture? From diapers to diplomas, would there be enough income to pay for day care, education, and everything in between? Your children are your greatest responsibility, and life insurance can help them grow up in an environment where they’re physically and financially secure – even if something should happen to you. In addition to coverage for mom and dad, protection for your child is also important. The benefit for children’s coverage includes providing a solid financial basis early in life, protection, and final expense coverage should the unthinkable happen. Simply put, let life insurance be a part of creating a bright future.