“I think we’re finally ready to swap our bottles of booze for bottles of formula. How much prep work do we need before adding to our family?”
You might’ve carefully crafted your balance sheet and your estate plan before your wedding; you might’ve scrimped and saved for a home and finally paid off PMI, but get ready to break out your calculator again. Having a baby is a thrilling and life-changing experience; it’s also messy and expensive.
Before you dim the bedroom lights, there’s a few conversations you’ll need to have even before Junior becomes a twinkle in your eye. Now is the time to start estimating both expected and unexpected costs that could crunch your savings if you’re not prepared. Revamp your budget and review your insurance policies now before trying for a baby and you’ll significantly cut down surprises along your path to parenthood.
Nine months sound like plenty of time to call your insurance company and start saving for any baby-related expenses, but as many parents will tell you, time flies once that positive pregnancy test comes back. Don’t be intimidated. We’ll cover budgeting basics, insurance to-dos, and tax tips before your little munchkin comes screaming into the world. Enjoy that bottle of booze now before it’s too late.
Photo: Harald Groven