Money Talk With Slater

Making Money Across the Board

Getting Financially Ready for Your New Baby

Having a baby is a wonderful and joyous time, however they tend to be expensive.

If you’re getting ready financially for a baby or new addition to your family, you most likely have a zillion things going through your mind. Regardless if your mind is on diapers or you’re concerned about childcare costs, below is a list to aid you in preparing for the arrival of your little bundle.

 

Review Your Health Insurance

You’ll need to put your new addition to your health insurance policy. Therefore, take the time to examine your policy now, while everything is a little calm. If you’re presently covered through your job, you can find out how by talking to your insurance company or calling human resources. Also, keep in mind that even with health insurance, you may be responsible for some out-of-pocket expenses when it comes to family coverage plans and childbirth. By looking at your insurance policy beforehand, you will have more time to ask questions and begin saving.

 

Create a Baby Account

Not only do babies need lots of stuff, like formula and diapers, but you’ll also be looking at larger expenses like childcare, car seats, and furniture. It’s an excellent idea to begin saving as early as possible. Create a separate savings account where you can begin putting money in right now. You could also set up automatic transfers from your checking account to your savings account after every paycheck to aid you in building your savings without having to think about it. When the baby is here, you’ll be prepared for the additional costs.

 

Create a New Account

If you’re pondering how to prepare for a baby financially, begin putting your budget together sooner instead of later. First, talk to your partner or spouse regarding any huge changes that may impact your finances. For instance, if one of you is considering staying home after the baby comes, now is a great time to plan for living on one income. Examine your present budget. Try to discover some wiggle room in your savings and income. Usually, this is where you’ll discover the money to pay for your new baby expenses.

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