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.

About the Author

By , on Sep 8, 2007
Pinyo 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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Leave Your Comment (6 Comments)

  1. Jonathan says:

    Pinyo I’ve always loved the way in which you approach every aspect of your personal finances including family! I do agree though that you want to give kids the best possible start in life.

  2. elysa says:

    You are very welcome for me adding your article to sk*rt it is a pretty fun way to gain new readers. You can add a skirt badge to your posts if you like.

  3. Pinyo says:

    Thanks! I have to find out what happens in New York.

  4. paidtwice says:

    In a lot of states you fill out the necessary stuff for social security card in the hospital and they send it for you. Just one thing for your list 🙂

  5. Pinyo says:

    Tom, thank you. That’s very kind. Look back in a few weeks and you will not be disappointed.

  6. Tom says:

    Good luck with this. I look forward to your completed list.

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