Few things alter your finances as joyously as a baby. While you’re operating on reduced sleep and increased stress, keep in mind you’ll also need to adjust to a new financial reality.
- Revise your budget to account for additional ongoing expenses such as food, diapers, health care and one-time expenses such as car seats, a crib and stroller.
- Discuss with your employer their maternity and paternity leave policy to ensure your income won’t be affected.
- Ensure your medical bills will be covered by your health benefits.
- Open a savings account for your child’s future.
- Consider a flexible spending account for childcare expenses.
- Add your child as a dependent on your taxes as well as your health and life insurance policies.
- Continue to set aside money for your retirement.
The Police Credit Union offers the products and tools you need to plan your finances with children, ranging from savings accounts to IRAs and much more.