Start an emergency fund (if you haven’t already). Save enough to cover 3 to 9 months of expenses.
Revisit your current budget.
Consider the cost of:
- Prenatal care, birth and delivery
- One-time baby purchases, such as a stroller and crib
- Maternity and/or paternity leave
- New monthly bills, such as day care and diapers
Start a college fund.
Check your insurance carrier’s benefits for new family members, determine the effective date, and learn how and when to add your child. Also: Find an in-network pediatrician.
The cost for a term life insurance policy is typically very affordable and can help ensure your growing family is taken care of financially should the unexpected happen. Check into a basic plan for your child as well.
Consider adding, or increasing, coverage to compensate for additional monthly expenses.
GOOD TO KNOW ...
There will be lots of paperwork. Consider choosing a system or dedicated spot to store it all beforehand.
If you deliver at a hospital, you apply for a birth certificate and Social Security card. If you deliver elsewhere, work with your doctor to obtain a birth certificate and apply at ssa.gov for a Social Security card.
BEFORE BABY ARRIVES ...
Call your State Farm agent to find out which insurance plans are right for your family.