Well, it’s official–we have a date. Friday is the day my son will greet the light of the world and join us in this crazy thing called life.🙂
As you can imagine, things will be quiet for me on my social outlets for at least a few days, as we get settled in to the new lifestyle.
First and foremost, thank you for the outpouring of support I’ve already received via email, tweets, and comments, and those that I’m sure will continue coming in over the course of the next few weeks. It’s great to have such a large community to cheer us on and provide support in terms of ideas and suggestions.
Since we’re talking about babies today, I thought I’d tackle an important topic that only crossed my mind a few weeks ago–financial “checklist” items after the birth of your baby.
We get so wrapped up in the excitement (I know I did) of waiting for the baby that some of these can quickly slip through the cracks and cost us a lot of lost money. I’ve put together a quick list of 5 that we’ll be doing soon after birth, but if you can think of more, by all means–please chime in below.
- Adjust W-4. This is something I did as soon as the year turned the corner, and should see significantly less taxes coming out of my paychecks starting next week. Consult with your tax professional, but my understanding is that even if you plan to deliver in late December, you can still claim the new baby for the whole year. (Ours, of course, decided to wait until early January).
- Open a college savings account. We’re not going to wait very long after birth to get the little guy started on his way to college. Time is on our side, and the more we can contribute early on, the easier things will get as the years go by.
- Add the baby to health insurance. Most insurance companies will cover costs associated with your baby (not your birth), as long as you add the baby under your existing policy within 30 days of birth. This can range from routine care to more serious stuff like NICU.
- Quote life insurance. It’s crazy to think about it, but now you’re responsible for someone else’s life–someone who can’t take care of themselves if something were to happen to you. That’s a lot of responsibility, and it means you should make arrangements in case disaster strikes.
- Modify legal documents. There’s a whole list of possible places your baby would need to end up in writing, but some obvious examples include any account beneficiaries, wills & testaments, or any other insurance company that would need to know about your kids.
Have I missed anything? Do you have suggestions on any of these items from personal experience? I’d love to hear your stories.
Photo by gabi_menashe