Adjust Your Budget
Ramp up savings and reallocate spending to cover the jump in food and clothing costs, as well as new expenses such as diapers and child care.
Update Insurance Options
Look at your current health insurance arrangements and understand your coverage options for childbirth. Update them accordingly and budget for anything that won't be covered. Revisit your life insurance policies, wills and retirement plans to update your beneficiaries. If you haven’t already set up these documents, now is the time to do that.
Plan Your Leave
Does your employer offer maternity or paternity leave? Determine what you can afford to take and understand that you may have to make some tough choices about when you return. Weigh the options when it comes to child care as well, including how feasible it is for one parent to stay at home with the child.
Understand Tax Implications
Having a child affects your taxes. Take time to familiarize yourself with these IRS tax tips for new parents ahead of time.
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