A Financial Checklist For New Parents

A Financial Checklist For New Parents

There’s a huge checklist of things that you need to do before you start a family. From baby proofing the house to setting up a nursery and buying all of the clothes and bottles you’re going to need, the list is endless. But on top of that, you also need to be sorting out your finances. The cost of raising a child is huge and there are all sorts of new financial considerations you need to make now you’re adding a third person to your family. When you’re expecting, don’t neglect this financial checklist.

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Insurance

Before you’re a parent, it isn’t so important to have life insurance. If the worst were to happen, there is nobody that depends on your income but you. Once you have a child all of that changes. They are completely dependent on you to look after them both emotionally and financially and if you leave them with nothing, they’re going to struggle. Look at sites like wholelifeinsurance.co for information on choosing the right policy for you. They’ll give you a free, no obligation quote so you can decide without having to commit to anything. Taking out a life insurance policy while you’re younger means that you’ll pay lower premiums and it’ll be cheaper in the long run.

It’s also important that you assess your health insurance to make sure that it covers all of your needs during pregnancy, and in the months following the birth.

Write A Will

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Now that you’re responsible for a child, things can get tricky after you’ve gone. If you haven’t got a will in place, there might be disputes about who gets what. You never know what could happen so it’s important that you make a will straight away. If anything were to happen to you, it’ll be an incredibly difficult time for your family and having to deal with dividing up your assets is just piling unnecessary strain on them.

Bulk Buy Membership

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Getting a membership for a warehouse store like Costco could save you a lot of money over the years. Buying things like diapers and food in bulk is a great way to save cash as well as reducing the amount of times that you need to go out to the grocery store which is a huge help in those early days. However, be careful that you don’t get carried away and start overbuying just because you can, otherwise, you’ll find yourself with a house full of baby stuff that you’ll never use.

Parental Leave

At least one of you is going to have to take some time off work and you need to factor in the financial impact of that. The USA is one of only three countries in the world that doesn’t have guaranteed paid parental leave. The closest thing you can get is 12 weeks of unpaid leave, but your job is guaranteed when you get back. 3 months without pay is a long time so you need to make sure you can actually afford that and if you can’t, consider returning to work a little earlier. When deciding which of you should take the time off, look at who earns the most and have them stay at work.

Ticking off the items on this financial checklist will make things a whole lot easier once your new baby arrives.

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