As you anticipate the arrival of your baby, remember to include your finances in the preparations.
According to a recent study, 76% of expectant parents said they feel financially prepared, but 41% of new parents admit that, in hindsight, they were not.
Build a nest egg to help tackle fast-growing baby expenses.
It may be a good idea to have a savings account specifically for baby related needs for the first year or so. You might also want to begin saving for college tuition, with tools such as a 529 plan or Coverdell education savings account.
Update your insurance coverage. Review your disability and life insurance before the baby comes. Examine your health insurance, as well, to be sure your plan provides the best family medical coverage available.
Plan for the unexpected. Ensure your child's welfare by making a will, naming a guardian and reviewing the beneficiaries on your financial accounts. You may also want to sock away extra money in case a parent who intends to return to work decides to stay home instead – and research daycare costs, in case the opposite happens.
We offer a variety of tools to help your finances keep pace with your growing family.