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New Baby? Take Baby Steps with Changes in Your Financial Planning

As either a new parent or a current parent with a new bundle on the way, a lot of changes are headed your way!  Most of those changes will be tackled in due time and adjusting to them will be easier than you think.  #DNA  

When it comes to tying those changes to dollars, however, the adjustment may not be so natural.  Here’s a super small digestible chunk of firsts to tackle as you financially plan for their arrival.

 

☐ SET HEALTH INSURANCE REMINDER

You usually have 30 days to add your new child to your health insurance policy after they’re born, possibly 60 days for employer-plans. Don’t miss the deadline!  I recommend setting a reminder in your phone now.

☐ REVIEW YOUR LIFE INSURANCE

You may need to check your life insurance policy and adjust the coverage amounts. If something were to happen to you or your spouse, you have to account for your little ones’future expenses now too.  A professional can help you recalculate your need and do that heavy-lifting for you.  

☐ ESTABLISH A WILL

You can start by requesting referrals to an estate attorney. Again, outsource your workload and let them guide you through the steps.

☐ PLAN FOR YOURSELF FIRST 

It’s natural to want to plan financially for your children’s future. Just don’t neglect saving for your retirement and other personal goals.  You may not be able to save quite as much, but retaining the habit of saving a little will help keep you on track.

☐ THEN PLAN FOR THEM

18 years is a LONG way away…so you think.  You can plan for helping with the cost of college by first determining the goal (amount). Not sure of college costs?  Not sure what percentage to fund?  I’m happy to help you figure that out.  Contact me here.

Hubby putting together our first baby's crib, 2015

Tackling the above short list may NOT seem so natural. That’s okay though…at least you have a starting point.  Speaking as both a parent and financial advisor, it may be wise to focus on progress rather than speed. I can appreciate the desire to be super-parent and have everything completed in a “timely” fashion.  But almost NO ONE (including myself) can juggle new babies with the behind the scenes parenting responsibilities overnight.  

Simply check things off one baby step at a time. 👶 What’s going to be your step forward today?  

Written by:

Rachel Stewart

Financial Advisor