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 — We decided to start a 529 College Savings Plan and contribute about $500 a month to the plan.
- Adjust coverage for:
- 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.
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About the Author
is the owner of Moolanomy Personal Finance
. He is a licensed Realtor
specializing in residential homes in the Northern Virginia area. Over the past 20 years, Pinyo has enjoyed a diverse career as an investor, entrepreneur, business executive, educator, and financial literacy author.
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