Scared? Thrilled? Nervous? Likely all of these feelings and more.
grow for them. grow with them.
Whether you're a first time parent or a seasoned pro, there's always something new to discover. Having children teaches us that there will often be an element of the unexpected in life but when you set your family up to handle those surprises, you're more likely to enjoy the perks of being a parent. They will throw plenty at you, so be prepared!
evaluate your health insurance coverage
Make sure you have the appropriate medical coverage for you and your family
Any health insurance is better than no insurance!
Consider a Flexible Spending Accounts (FSA), if it is available
minimize consumer debt
Babies generally lead to additional household expenses therefore making it harder to pay off credit cards with high balances
life and disability insurance
Buy life and disability insurance for yourself (and/or your spouse) before you have a child so your child is protected in case you die or are out of work before his or her adulthood
Ensure you have the right amount of coverage — enough to meet your expenses if you’re out of work for several months
Create a will or will substitute
don't forget about your retirement account!
Invest in your 401(K)
Consider a Traditional or Roth IRA
save for education, college, and higher learning
529 College Plans
UTMA/UGMA custodial accounts
Dual purpose savings strategies
Series EE Bonds