Congratulations, you’re have a baby! We’re sure you’re beyond excited to begin this next chapter in your life and welcome your little one in the next few months, but before you start shopping for the perfect crib and clothes, make sure you’re making these important financial moves to prepare for your baby.
Create an Emergency Fund
If you don’t already have one, start saving money in an emergency fund. The last thing you’d want to have happen is to get landed with a bunch of unexpected baby bills and have no way of paying them.
Create Better Money Habits
A baby is expensive, so you’re going to have to change your spending habits to accommodate the new things you’ll have to buy. For example, you’ll have to stop going out to dinner twice a week because you’ll need to spend that money on diapers and baby food.
Get the Right Health and Life Insurance
In order to avoid having to pay a lot out of pocket for doctors visits, make sure you have the right health insurance coverage. And, although it’s a bit morbid to think about, make sure you have the proper life insurance coverage in case something should happen to you or your partner down the line.
Plan Your Will and Estate
Even if you don’t want to think about it, you have to be prepared for a future that may not have you in it. Properly planning your will and estate and setting up trusts for your child can ensure that they will have a comfortable future if anything happens to you or your partner.
Start a 529 Account
The sooner you start adding to a 529 account, the more money you’ll be be able to save up for your child’s college education, and the fewer student loans he or she will have to take out to pay for college years from now.
American Investment Planners can assist with everything you need from 529 plans to helping manage your cash. We are here to make everything as simple as possible. To schedule an appointment with one of our advisors, please call (516) 932-5130 or email info@americaninvestmentplanners.com.
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