If you plan to borrow or buy used gear, make sure everything checks out with current safety standards. Can you shop at secondhand stores or adapt non-maternity clothes for pregnancy? Buy baby gear secondhand You'll only need them for a limited time, so ask yourself if you need to purchase your maternity clothes new or if you can borrow some. Practice living on your new family budget before the baby actually arrives, and sock away what you're able to save. Do a thorough, realistic budget assessmentĭetermine what kind of home you can afford if you'll need more space once the baby arrives (Slightly-less-tiny apartment? Cozy cottage? Expansive house?), what baby gear you'll want (top-of-the-line designer duds or hand-me-downs from your sister?) and what kind of child care you'll need. If you haven’t started squirreling away already, how much will you put aside each month for your future child's future expenses, from preschool to college?Ī 529 plan or Coverdell education savings account (ESA) can help defray big tuition costs that may come down the road. You don't need a lawyer to write a will, but it's not a bad idea to hire an estate planning lawyer to cover all of your bases. You'll need to name a guardian for this child and any future children, and make financial arrangements for them if that you and your partner aren't around. It'll help ensure your money goes to the right person, like a spouse or parent, in the event something should happen. In addition to purchasing life insurance, you'll also want to review the beneficiaries on any 401k and retirement accounts. And since your partner's paycheck is more important than ever now, make sure that he or she has both short- and long-term disability coverage. If you don't already have disability insurance, you probably won't be able to get it once you're pregnant - but your partner can. How to Write a Will: A Guide for New Parents A life insurance policy can help cover childcare, cleaning, cooking and more if you or your partner pass away. If something should happen to you or your partner, you'll want your child to be financially secure. Purchase life insurance and disability insurance Some offer grants and scholarships specifically for single moms. Look into any special programs you might qualify for, like the Special Supplemental Nutrition Program for Women, Infants and Children (WIC) and Medicaid. Do the math now: Will you need to take unpaid leave and how will it affect your finances? Can you save up now to make it possible? Find financial aid for you and your baby Research your workplace's family leave policyĪ large majority of American workers don't have access to paid family leave. If you can, give yourself enough time to switch insurance plans if you need better coverage. Look into the cost of prenatal servicesįind out what your health insurance does and doesn't cover, like screening tests, labor and delivery options, alternative therapies, doulas and prenatal vitamins. If you can't get coverage through you or your partner's employer, look into plans offered by groups you may be a part of (such as a freelancers' union or small business organization), call an independent broker or look into insurance through the Affordable Care Act. If you don't have health insurance, now's the time to sign up. Sign up for health insurance before your baby is born
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