Bumps and bruises are a natural part of being a kid. Too bad they often come with surprise doctor visits. Start saving now in an emergency fund to help ease your family’s stress when unexpected costs pop up.
Pro tip: Have at least $1,000 in a dedicated emergency savings account. Find an account with rewards to save even faster.
Unless you have a stay-at-home parent, your growing family needs childcare—either for the entire day while you’re at work or for a few hours here and there. Is your budget ready for childcare expenses?
Pro tip: This is a good time to talk to a financial professional to discover how you can create a family budget plan. This can also include how to save for your child’s college!
Now that you’re responsible for another life, make sure your child is safe and able to live his or her dreams if something happens to you. If you already have life insurance, make sure it’s enough coverage for your growing family.
Pro tip: Term life insurance gives you the biggest bang for your buck as your children grow up.
A new baby might mean the need for more space. Did you know that one of the leading causes of home foreclosures is illness or injury that impacts the homeowner’s ability to work (and pay the mortgage and medical bills)?¹ Make sure you buy a home you can afford.
Pro tip: Get Disability Income Insurance to protect your ability to pay the mortgage in case you get sick or injured.
Now is the time to write or adjust your will and designate a legal guardian for your children. Most people think that just naming a Godparent will suffice, unfortunately that may not hold up in court.
Pro tip: Download our free How to Protect Your Family Financially eBook for more advice on establishing guardianship and other safeguards.