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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