Tips to Financially Prepare for Being a New Parent

When you find out you’re going to add a baby to your family, you’ll probably feel a mixture of excited and nervous. Children are a big financial responsibility, but that doesn’t mean you need to start panicking. We’ve pulled together some tips that will help you prepare for your new bundle of joy.

Pay down debt. Try to tackle any old debts, like student loan payments or credit card debt, before the baby arrives. You don’t want old debt following you as you expand your family.

Take another look at the budget. The costs of a new child add up to far more than new clothes, diapers, and bottles. You also have to factor in medical bills, furniture, and a wealth of other supplies. You and your partner should go over your budget, factor in these new expenses, and see if you need to make any adjustments on your spending.

Build up your emergency fund. In addition to factoring in new expenses, you should put aside some additional money each month for unexpected events, like a medical emergency or car repair.

Discuss child care options. One of the most important financial decisions you’ll need to consider is child care. Whether you’re going to use a day care, hire someone to watch your child, or have one partner stay at home, the sooner you decide what route you want to go, the easier it will be to plan.

Review your health insurance. Before you bring your baby home from the hospital, make sure you understand what medical costs are and are not included. You don’t want to be surprised by a hefty medical bill you thought was covered.

After you sit down to have these financial discussions, you can spend more time preparing for and enjoying your new baby.

Source: Fontana Herald News

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