There are quite a few financial things to think about, especially when expecting your first child. Prepare, plan, and make it a priority!
In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Heather Lovallo, Certified Financial Planner or CFP®, about preparing for having a baby. Heather has two children, Daniel has three kids, and expect more at the Wrenne Financial Planning firm!
Topics Discussed:
- Disclaimer: Having children should not be and is not a financial decision
- When is the right time financially to have children? Never
- Common Concerns: Education savings, medical/care expenses, and buying gear
- Medical Expenses: Know what insurance covers, type of birth (home or hospital)
- Healthcare Savings: HSA, FSA, and HRA can be used for out-of-pocket costs
- Ongoing and One-time Expenses: Diapers, food, clothing, and childcare
- Childcare: Follow tax rules when paying contractors and household employees
- Education Funding: Kids are expensive and get more expensive as they age
- Life Insurance/Estate Planning: Get it done to feel secure, have peace of mind
Links:
Are You Saving Enough For Education
How To Help Your Children Maximize Their College Education
HSA vs. FSA vs. HRA - Healthcare Account Comparison