Life 101: Preparing for a baby
Put these to-dos on your list to get ready for a baby.
Life 101: Preparing for a Baby
Little one on the way? Congratulations! Use these tips to get your finances, insurance and more in order so you’ll be ready for that new bundle of joy.
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.