Best Tips if You’re Giving Birth to One of the 130 Million Born This Year
Bringing a new child into the world is a monumental event, and it understandably will change your lives in numerous ways. If you are preparing to have a baby within the next few months, you may need to take significant steps to prepare for the new addition to your family. These are some of the best initial steps that you can take in the months before your baby is born.
Update Your Budget
Many aspects of your personal finances can change when you have a baby. For example, income may change if one or both parents adjust their work hours to care for the little one. Expenses may change as well, and this includes your expenses for food, childcare, clothing, healthcare, insurance and more. In order to be fully prepared financially, review your budget as soon as possible can help you to accomplish this goal.
Plan Ahead for Medical Expenses
Medical expenses can change dramatically, and this includes a variety of factors. The number of copays that you are responsible for each year, prescription medications, over-the-counter medications, health insurance and more all need to be planned for. Remember that you must add the newborn to your healthcare plan within a specified period of time after the birth in order to include the baby in your coverage. If you fail to do so, any medical expenses after you leave the hospital may not be paid for by your current insurance policy.
Create a College Savings Account
College can seem like a distant concern when you have not yet started changing diapers. However, time goes by quickly, and you need the power of time to save as much money as possible for your child’s college expenses. Begin research college savings account options now, and start funding it as soon as your child is born. This gives your money more time to grow over the years.
Know When to Seek Legal Advice
There are instances when you need legal advice after having a baby. For example, you may need to update your will and create a trust. In some cases, the baby has health issues, such as a birth injury, and you need legal assistance to obtain financial compensation for the issue.
Because having a baby can be life-changing in many ways, it is important to be as prepared as possible. By walking through these steps, you can better navigate through the next few weeks and months as you prepare to have a baby.