Money Management

Nine-month plan for reaching financial stability as an expecting parent 

Month #1:

• Start a household budget sheet (Link provides a fun and easy tool):
• Household Budget Cheat Sheet

• Keep track of receipts to see where you can cut back on spending.

Month #2:

• Cut back on credit card debt, interest needs to be avoided at all costs in order to make room for new expenses such as baby essentials and a new vehicle.

• Installing financial software like Excel will help organize bank account numbers and other financial records.

Month #3:

• Practice using coupons in order to save on discounts when buying groceries and clothing for your baby.

Month #4:

• Speak to your spouse about possibly staying home or returning to work. Do what is best for your child, since spending quality time together is essential for the development of your child.

Month #5:

• Evaluate day care options if returning back to work. nonprofit agencies like "Child Care Aware" offers a free service that will connect you to resources in your community that fit the needs of you and your child. 

Month #6:

• Buy life insurance. Expectant parents should insure themselves for at least five to seven times the amount of their annual salary to cover the incoming dependent child in case things happen unexpectedly. 
• Writing a will for your child should both parents die can benefit the child on property and other financial assets. 

Month #7:

• Invest in a college prepaid program that will start an education fund for your child.

Month #8:

• Sign up for health insurance for everyone in your family so that they are covered in case of an unpredictable emergency or if your baby is born with an illness.

Month #9:

• choose an in-network pediatrician, these will reduce high costs from your insurance company and makes sure your child has a good match when it is born.

References:

https://www.parents.com/pregnancy/considering-baby/financing-family/a-nine-month-plan-for-getting-your-familys-finances-in/