What Parents Should Be Doing With Their Money When Expecting

It is no secret that babies are expensive. Save yourself a lot of stress by saving now instead of later. We promise it will relieve you from a few financial headaches down the road. Here are some good moves to make as soon as possible.
Get a will. While it may be a scary idea, it is very necessary. This gives you the chance to choose who your child would go to if something were to ever happen to you or your significant other.

Make sure you have life insurance. A policy will ensure the financial security of your child.

Set aside money for childcare. If you need someone to help out with the child, whether it is daycare or a nanny, start searching now. Find out exactly how much it will cost, and start saving.

And of course babysitters. Every now and again you are going to want or need a night off (for your sanity). Make sure you have a little money set aside for a night (or a day).

Get a 529 account. This will help you save for your child’s college career. This way they don’t suffer with student loans and you don’t have to pay out of pocket.

Call your health insurance provider. Make sure you are educated on prenatal expenses as well as added dependent expenses.

Be prepared for all of the costs that are correlated with your future child. These expenses aren’t always obvious, but now that you are educated, start saving for your bundle of joy!

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1 year ago
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