Whether you are a parent or a grandparent, a new little bundle of joy can bring joy along with financial questions. Here are some ways to prepare (as best you can) when a new addition comes along.


Topics this article covers are:

Health Insurance: What is the price of having the baby and adding a new dependent to current insurance? 

Life and Disability Insurance: What happens if one of the parents can no longer work for a period of time? 

Emergency fund: In a financial disaster, can your current savings cover you? 

First-year expenses and cost of raising a child to 18: What are the current costs telling us and how can you use that to meet savings goals? 

Work or stay home: Does it make more sense for one parent to stay home or pay for daycare, cleaning help, meals out, etc.?

College and/or private education: When are you going to start saving for future education costs? 


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Article by Amy E. Buttell and Elaine Floyd, CFP®. Copyright © 2021 by Horsesmouth, LLC. All rights reserved. License #: 5266488Reprint Licensee: Denise M. Gage