If you’re adding a child to your family, it’s an exciting time, and you have much to anticipate. Of course, this new addition will bring many changes in your life, so you’ll want to be prepared — especially in terms of your finances.
What financial moves should you make as you welcome your new child? Here are a few to consider: Estimate expenses — and create a new budget. You will likely have several new expenses associated with a new child, ranging from relatively minor purchases — car seat, stroller, crib, etc. — to potentially much larger costs, such as a vehicle with more space or even a new home. You’ll need to estimate what you can afford for these initial expenses and then work in to your budget the everyday additional costs — food, clothing, uncovered medical expenses and so on.
Look at options to support taking time off work. Depending on where you live and where you work, you might have some sources of support if you take time off from work after the arrival of your child. These options may include paid time off — such as sick leave and vacation time — paid family leave, short-term disability insurance, and some benefits from the Family Medical and Leave Act.
