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Starting a Family: How to Prepare for a Baby Financially

Mar 12, 20213/12/2021

Family Events

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.

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We’ve been helping to protect the financial future of families like yours, making a difference in hometowns across America and honoring our country since 1890. As a not-for-profit life insurance company, we put money back into the community. We’re here when you need us most.

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Securities are offered through Woodmen Financial Services, Inc., 1700 Farnam Street, Omaha, NE 68102, member FINRA/SIPC, a wholly owned subsidiary of Woodmen of the World Life Insurance Society (collectively “WoodmenLife”). Securities other than the WoodmenLife Variable Annuity are issued by companies that are not affiliated with Woodmen of the World Life Insurance Society.

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This company was issued a A+ (Superior) rating by the A.M. Best Company, click for additional details. WoodmenLife has been awarded a rating of A+ (Superior), the second highest ranking out of 15, for its financial strength and operating performance in 2020 by A.M. Best, an independent rating company that is nationally recognized for its objective reporting and rating of insurers.

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