Planning Your Finances for a New Addition to the Family

Posted By: Brendan Boesch

There are many preparations a family must make when planning to have a child. One of the most important considerations when bringing a baby into the world is to make sure that your personal finances are in order. It is never too early to start planning for the additional costs that having a child will bring. Such costs include the prices of furniture, baby food, formula, clothing, and toys. These costs can exceed expectations, with a bottle of formula costing up to $22 a can alone. Most items will cost more than you think they will. Having a sound financial plan will ease the stress of keeping a new baby healthy.

            Other important factors need to be considered during times like this. Parents need to have a good life insurance policy, so that their kids will be taken care of if something happens to them. Another consideration that is important is a will. Having a good life insurance plan and a will ensures that your child will always be protected. With all of these events many families forget to plan for their retirement during this time period, but this is a mistake that many cannot afford to make. In addition, it would be wise to start saving for your child’s college expenses when they are still a young age.

http://www.divinecaroline.com/article/22306/33079-getting-finances-ready-baby

http://masteryourcard.com/blog/2008/06/02/10-steps-to-take-before-having-a-baby/

http://www.ncnblog.com/2008/05/07/the-financial-realities-of-having-a-new-baby/