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Prepare finances for parenthood: new baby, new expenses

Now that you’re a mom, you need to start thinking more than a few days or weeks in advance about Baby’s future, and though money matters can be a pain to deal with, it’s important to get everything squared away ahead of time to set Baby up for the brightest future possible.

Insurance

New parents should explore, what, if any, changes you’ll need to make to any insurance coverage you have. Though Baby won’t need any car insurance yet, he will certainly need health insurance, so make sure that you plan is all set to add him to the fold.

Childcare

Not all new parents have the luxury of staying home and watching baby, and childcare can be extremely expensive, so it’s important to figure out your plan ahead of time. Quality childcare is essential for Baby’s safety and development, so you definitely want to delve deeply into your options.

Saving

Saving money is less important when you’re living the baby-free life, but parents are under a much greater need to save money for Baby’s future, so you should make sure that you have some sort of plan set up to accumulate wealth for him.

The bottom line

Babies cost a ton of money, and they’ll only get more expensive as they get older, so figuring out your finances in advance is crucial for the most effective life-planning possible.

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