Creating our NEW family budget
For the first 30 years of my life, I have only had to worry about my finances – mine and mine alone. Then I got married and had to readjust my money mindset, to being transparent and open financially.
2018, enter in our baby.
Becoming a parent is the most life-changing event that many will experience. You are suddenly not only responsible for yourself, but also another person who depends on you for everything.
Since his first day on this earth our son, Azai, has been the an indescribable joy in our lives and an unexplainable love in our hearts. But, he has also wracked up a pretty penny as soon as he exited the womb. From hospital bills, to insurance fees, to lactation consultants, and more. No matter how prepared you are, there are always a few surprises that are sure to catch you off guard with a baby.
I want to share my checklist with you of things we needed to handle when Azai was born. My adulting has reached a whole new level so quickly, lol. I would love to hear your feedback and additions to this list.
- 1. Add your child to your health insurance plan
- 2. Adjust your HSA contributions
- 3. Buy term life insurance
- 4. Update your tax forms to claim child tax breaks
- 5. Create a will & name beneficiaries on your accounts
- 6. Consider long-term disability insurance
- 7. Create a household budget
- 8. Build an emergency fund
- 9. Participate in a dependent care FSA
- 10. Save for your own retirement
- 11. Start saving for your child’s adult life. I don’t necessarily say college fund, because what if your child creates the next biggest start up? This fund, will allow you to be their first investor.
P.S. Also, another tip in the world of money, is to freeze your child’s credit for now. This will keep any identity theft from happening, since you are usually not actively paying attention to a young human’s financial reports.