Thursday, August 24, 2017

15 Financial Tips for Preparing to Have a Baby: Part 2

Last week, we covered 15 Financial Tips for Preparing to Have a Baby: Part 1 and your bank at the Lake of the Ozarks gave you 6 financial tips for before your baby has been delivered. This week First Bank of the Lake is here to give you more tips that can help for while you are in the hospital, within the baby's first 30 days, and beyond the first month.

15 Financial Tips for Preparing to Have a Baby Continued

While You Are in the Hospital

7. Order your baby's birth certificate and Social Security Card.

You may contact your state's office of vital records for the birth certificate and your local Social Security office to get a Social Security card. The hospital staff should provide you with the necessary paperwork to get your baby's Social Security number and birth certificate, but if they don't you can contact the state's office.

Within the Baby's First 30 Days

8. Add your baby to your health insurance.

In many cases, you will usually have about 30 days from your baby's birth date to add them to your existing insurance policy. Some policies have a 60-day rule. Either way sooner is better than later!

9. Look into life insurance for your baby.

The rates for these policies are usually low because the likelihood of losing a child is generally low.

Beyond the First Month

10. Consider disability insurance.

Disability insurance can cover your expenses partially, while you're out of work caring for your child during maternity leave. Be sure that you have the right amount of coverage, enough to cover your expenses now that you have a new addition.

11. Create a will.

Unexpected tragic things can happen and you want to be prepared. Designate a guardian for your kids for if you and your spouse were to pass away. 

12. If you have a will, adjust it.

Be sure to add your children to your existing will accordingly. Be sure a guardian is designated.

13. Don't forget about your retirement.

It can be very easy to forget about your normal monthly bills with the new baby in your home, but they are still important. Stay on top of your retirement savings so your child doesn't have to financially support you in your old age.

14. Save for your child's education.

College can be very expensive and the earlier you save for it the better. Your child will be so thankful that you have saved for them, once the time has come where they are old enough to understand how costly that next step in life can be.

15. Adjust your beneficiaries. 

If you already have life insurance, you may consider adding your child as a beneficiary to your policy. However, you might need to make adjustments to ensure that they can access the money. A trust and/or will can accomplish this.

Your bank at the Lake of the Ozarks just wants to say congratulations on the new addition to your family! Those sweet bundles of joy are life changing. Financially planning throughout the whole pregnancy process from pre delivery to post delivery can really do your family some good!

Want More Awesome Finance Tips? Sign Up For Our Newsletter!

First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100
Osage Beach, MO 65065

(573) 348-2265

No comments:

Post a Comment