The Long Game I'm About to Have a Child, What Do I Need to Plan For Financially?
Dec 12, 2025
Planning for a baby's arrival involves critical financial steps. Understanding the necessity of updating life insurance is vital for new parents. It’s essential to promptly add your newborn to your health insurance. Establishing an estate plan ensures your family's future is safeguarded. Reassessing your budget and emergency fund is key to managing new expenses. Utilizing a Dependent Care FSA can help save on childcare costs. Finally, exploring savings options for your child's future education is crucial.
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Lock In Adequate Life Insurance
- Do update your life insurance when you have a child and lock in coverage while you're young and healthy.
- Consider income-replacement, future savings, college costs, and ladder policies for changing needs over time.
Add Newborn To Health Plan Immediately
- Do add your newborn to your health insurance immediately after birth and notify HR to trigger a special enrollment window.
- Act promptly to avoid coverage gaps and surprise medical bills for delivery and newborn care.
Put An Estate Plan In Place
- Do create or update an estate plan when you have a spouse or child, including medical and financial powers of attorney.
- Name guardians, fund documents, and confirm beneficiary designations to avoid court intervention.