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Parenthood

Baby on the way

A new family member can generate new expenses and drastically affect your current, as well as future financial situation. Will you want to save for your child’s education? Will you need to purchase a new vehicle? Will you be requiring the services of a child caretaker? Here are some practical tips to get you started.

Revise your budget

It is important that you budget for these new expenses. Make sure to track your family’s expenses and review and revise your budget down the road if needed.

  • Your new budget should incorporate the additional expenses. Include ongoing expenses such as food, diapers, and healthcare and one-time expenditures such as a car seat, crib, and stroller.
  • Talk to your employer about maternity and paternity leave to make sure that your income will not be affected.
  • Open a savings account for your child’s future.
  • Look into Child-Care Flexible Spending Accounts.
  • Don’t forget to set-aside money for your retirement.

Review your insurance coverage

Ensure your health benefits will cover medical bills associated with the pregnancy.

  • Add your child as a dependent on your taxes, and also add your child to your health and life insurance policies.