Checklist For Life - Things To Do Before You Have A Baby

Having a baby is a huge, but rewarding, step for a couple. There is so much to prepare for that it is sometimes difficult to keep everything straight. The list is almost endless. You must prepare your home, line up childcare, take maternity leave, purchase a seemingly endless list of supplies, and so much more. It is important that you do not let the financial preparations of having a child fall through the cracks.

Here's a list of things to take a look at before you have baby.

Open A Savings Account

You can never start saving for college too soon. Contributing to a college savings account early and often will help secure money for schooling or to start a professional career. Many parents also open a separate flexible savings account for the child. Use this account to set aside any money that is not going toward college savings.

 Add Your Child To Your Will

Add your child as a beneficiary of your will. If you don’t have a will, this is the perfect time to have one drawn up. Also, add your child as a beneficiary of your life insurance. Of course, if you don’t have life insurance...

Quote Life Insurance

A life insurance policy helps guarantee the financial security of your family in the event of your passing. Most experts recommend a term life insurance policy that will at least cover the time period necessary for your child to reach adulthood.

Update Your Health Insurance

Babies require specialized and regular medical attention. Make sure they’re covered. If you or your spouse currently has health insurance, add your child to the policy. For assistance, talk to your insurance provider or your HR representative if your policy is provided through work. They will help you understand what is needed and the additional costs associated. If you don’t have coverage or can’t add your child to your existing plan, start shopping for health insurance for the baby.

In addition, there are other things you will have to prepare for. For instance, you should also update your tax documents and create a budget for your family expenses.

Your life is about to change forever. You are now responsible for another human life. Enjoy watching your child grow into adulthood with the confidence that he or she is protected in every way.