Financial Checklist to Prepare for a New Baby

Financial Checklist to Prepare for a New Baby

July 30, 2019

Pre-Delivery Planning:

Understanding your health insurance and anticipate costs

  • Prenatal care
  • Childbirth classes
  • Maternity clothes
  • Crib
  • Car seat
  • Hospital costs (Group private insurance plans generally cover costs)

Plan for maternity/paternity leave

  • Understand your companies’ policies and your state’s laws

Draft your baby budget

  • Expenses in first years can be between $10,000 and $20,000/year*

Choose your pediatrician within your insurance network

Research childcare options and get on waiting list a day care facility if necessary

Start a rainy-day fund

While in The Hospital:

  • Order a birth certificate and Social Security card

First 30 Days:

  • Add your child to your health insurance

Beyond the First Month:

  • Adjust your beneficiaries (life insurance/retirement accounts)
  • Buy disability insurance
  • Write or adjust will
  • Fund retirement accounts
  • Discuss education planning options

Core content sourced from Oppenheimer Funds. This material is provided as a resource for information only. *Source: Securities offered through LPL Financial, Member FINRA/SIPC. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.Oppenheimer Funds is not affiliated with Athene Wealth Management, LLC or LPL Financial.