Having a Baby

By Daniel Messeca, CFP®

As a new father, Daniel talks about the planning topics that should be addressed as you welcome a new life into your family. (See Daniel's Bio)

Daniel's top advice includes

  1. Plan for what happens if you're not around anymore by preparing/updating an estate plan and reviewing life insurance needs.
  2. Update any applicable benefits at work – such as adding your newborn to your health insurance, reviewing disability insurance, and evaluating whether a Flexible Spending Account may be right for you.
  3. Talk about your budget! Increase emergency reserves as needed and adjust tax withholding to maximize cash inflow.

Motley Fool Wealth Management, an affiliate of The Motley Fool, is a separate entity, and all financial planning services are provided by financial planners at Fool Wealth. The views expressed are Daniel’s, and do not necessarily reflect the views of MFWM or any of its affiliates. These comments may not be relied upon as recommendations, investment or financial planning advice.

Top mistakes Daniel has seen with new parents

  1. Funding college plans at the expense of your own retirement savings.
  2. Not planning ahead. You won’t have the time or desire to address finances when you are knee deep in child care.
  3. Overspending on the baby. Seriously – your baby did not need that pair of Gucci jeans.

Resources

  • www.upromise.com – This service allows you to earn cash back from certain vendors to fund college
  • www.mint.com – Mint allows you to monitor your budget as you start to incur new expenses related to the baby

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