How to Prepare for a Baby Financially

If you’re getting ready to welcome your first little one, or just thinking about it, learning how to prepare for a baby financially is an important first step.

So what are your goals for your family? What do you want your baby’s life to be like? Setting your expectations can help with making decisions later on.

You can help put your mind at ease by taking some financial steps to put both yourself and your child on solid ground. By making a few thought-out decisions and completing some simple paperwork, you can address your ever-increasing financial needs in ways that can keep up with your growing family.

Start with these basic steps to help your growing family stay financially healthy and protected:

• Build a budget or update your existing one
• Update your will to include your new beneficiary
• 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 child(ren)
• Update your W-4 forms if you have new dependents
• Make sure you have an emergency fund

By taking a step back from all the hustle and bustle of planning for a new baby in your life, you can help ensure a secure future for your child.