New Baby Financial Checklist
September 8, 2007 by Pinyo.
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
- 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.
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Good luck with this. I look forward to your completed list.
Tom, thank you. That’s very kind. Look back in a few weeks and you will not be disappointed.
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
Thanks! I have to find out what happens in New York.
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