Starting a Family
A Born Saver
Babies don’t inherit good financial sense. But they can mimic good financial habits from their parents, and starting kids off on the right foot can make an incredible difference for the rest of their lives.
So what are your goals for your family? What do you want your baby’s life to be like? Articulating your expectations can help inform your decisions later on.
New parents can put their minds at ease by having their child’s first financial steps be on solid ground. With a few thought-out decisions and some simple paperwork finished, you can address your ever-increasing financial needs in ways that can keep up with your growing family.
Here are some basic steps that can help your growing family stay financially healthy and protected:
- Update your will to include your new beneficiaries.
- Add your new child to your health insurance plan.
- Consider opening a 529 College Savings Plan for your baby.
- Apply for a Social Security card for your child.
- Purchase life insurance certificates on your children.
- Update your W4 forms if you have new dependents.
- Make sure you have an emergency fund of at least three months living expenses for your family.
By taking a step back from all the hustle and bustle of having a new baby in your life, you can help ensure a secure future for your child.