Bringing your first child into the world is a monumental and even life-changing event. You may be physically and emotionally preparing for the changes that will occur in your life when your little one arrives. However, there are some things that new parents often overlook. If you want to be as prepared as possible for the birth of your first child, pay attention to these important tips.
The Need for Life Insurance
Your new child will be financially dependent on you for at least the next 18 years. Few parents have the financial means at the time of the child’s birth to fund all child-rearing expenses. Accidents and illnesses can and do occur, and there is always a possibility that you or your partner will pass away before the child is financially independent. Life insurance can help you to provide for your child even if you pass away.
All of the Costs Associated With Raising a Baby
You likely have already updated your budget with basic expense changes, such as those related to food and diapers. However, have you thought about the cost of childcare, doctor visit premiums for well-checks and sick visits, new clothes for your rapidly growing child, family vacations and more? The first-year expenses for a child can be staggering, but the expenses do not decline. Older kids need more expensive clothes and shoes, braces, a college savings account funded, sports and activities and more.
The Need to Upgrade to a Larger and More Practical Car
Many parents overlook the need for a larger or more practical car, like those from Woody Sander Ford, until they try to put their car seat into the backseat for the first time. You may also want to try to load a full diaper bag, a week’s worth of groceries and your folded up stroller into the trunk to see how much cargo space you have. Now is a great time to upgrade to a larger vehicle so that your transportation needs are fully covered on day one.
Adding Your Little One to Your Health Insurance Plan
Many health insurance plans will cover newborn care while in the hospital. However, many also require you to add the baby to your plan within a very small period of time after the birth. If you fail to do so, your baby’s well-checks and other medical needs may not be paid for by your insurance policy.
There are many things to think about before your baby arrives. By planning ahead and taking these steps, you can feel more relaxed and confident when you bring your little one home from the hospital.