What You Should Do When You Have a Baby
Having a baby changes everything in your life. While little ones don’t take up that much room, preparing for their arrival can take some money. Your new budget should include food, diapers, baby clothes and health insurance costs. Then consider all of the one-time expenses that will occur before and after the baby arrives, such as strollers, car seats and baby monitors. Make sure you apply for a Social Security Number for your child. You will need it in order to take advantage of the tax benefits available to parents. You can apply when the baby is born. Simply tell the hospital representative that you would like to apply for a Social Security Number for your baby. You will need your and your husband’s Social Security Numbers. Make sure you protect your child’s social security number and card. Identity theft is an increasing crime in this country. You may find that you will need additional insurance coverage, especially when it comes to life insurance. Select the amount of coverage that will help your family meet living expenses, pay the mortgage and send your children to college.
Young parents are more likely to be disabled than killed in an accident. It is important to prepare for this by having disability insurance. This will replace a portion of your income so you can continue meeting your financial obligations until you are able to work again.
If you don’t have a will, you need one. A will is the perfect place to name the guardian of your child in the case of both parents passing away.
Without one, the state determines who raises your child. You should also update your income tax withholding to reflect an additional dependent. It is the perfect time for planning for the future.
Article Source: http://EzineArticles.com/?expert=Martin_Lukac