Congratulations! A new baby is such an exciting time. Although being tired is the first thing you think about, a new baby also brings increased living expenses. It is important for your financial plan to be updated to reflect the change.
Please use this list as a guide and reach out if we can help you complete any of the items.
- Update Estate Planning Documents
Create or update a Will along with your Powers of Attorney. Designate a guardian (or make changes). Review and update beneficiaries on all life insurance and retirement accounts, including employer plans. - Update Health Insurance
Although it seems like an obvious step, make sure you add the new baby to all health insurance and adjust your HSA contributions, if applicable, to reflect the increased healthcare costs. - Review Health Insurance
Add your spouse to your health insurance policy or evaluate whether it makes sense to switch to a joint plan. - Build Emergency Fund
Your emergency fund should include a minimum of 3 months of living expenses should your cash flow change for any reason. Increase your emergency fund to reflect your increase in expenses. - Life Insurance
If your family relies on your income, it is important to have life insurance. If you have a life insurance policy, make sure you update your beneficiaries and discuss if the face amount is still appropriate. If you do not have a life insurance policy, speak with your advisor about one. - Disability Insurance
Disability insurance is important to provide income should you fi nd yourself unable to work. Speak to your advisor about options. - Begin 529
Although it seems like it is far away, college costs are increasing every year. It is never too early to start saving. - Familiarize Yourself with Tax Code Advantages
Inform your accountant that you have a new dependent to take advantage of all tax benefits.
Visit Life Changes page
Life sometimes has some unforseen changes that can feel overwhelming.
