New Baby Financial Checklist

This will be a short post. What I wanted to do is to outline all the financial matters I need to take care of for the baby due this December. As I do more research, I hope to write additional posts and link to them from here. Hopefully, I will have a decent checklist with links to more detailed information in the next few months.

Here is my first cut at the new baby financial checklist:

• Get the baby’s Social Security Card
• Set up a college savings plan and a plan to set aside money
  • Here is a contingency plan in case we can’t save enough.
• Adjust coverage for:
  • Life insurance
  • Medical insurance
  • Disability insurance
• Adjust beneficiaries for:
  • Life insurance
  • 401k accounts
  • IRA accounts
  • Bank accounts
  • Other financial accounts
• Increase emergency fund to accommodate the baby’s expenses
• Adjust will
• Adjust budget for higher expenses and possibly lower income if one parent decide to stay home
• Check and apply for applicable government benefits
• Check and claim for applicable tax credits and deductions

Now it is time to go and do more research.

Pinyo is the brain behind Moolanomy personal finance blog and a few other web sites. If you like this article, please subscribe for free daily email updates.

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