Healthy Finance

A baby!

Written by Healthy Living

 

Congratulations, your budget will change!

  • Think increase in essentials, monthly medical expenses for a while, and starting a college savings account—now—so the money grows with baby.
  • If it’s your first child, there will be gifts. Take advice from other parents about what you really need and don’t look negatively on hand-me-downs.
  • Keep an eye on any opportunities to save (coupons, blogs, etc.).
  • Deciding if a parent should stay home is a BIG conversation. There’s no one size fits all. Look at the financial impact and talk with your boss.
  • Now that someone new is in the picture, update your estate. Include in a will everything needed to ensure your child’s protection should a tragedy happen.
  • Don’t forget the tax incentive—extra tax exemptions, child tax credit, child and dependent care credit, earned income credit (if annual income is below a certain level).
  • Preparing for the birth or adoption of a child is a fun and exciting time. Enjoy it, but keep in mind the financial changes that are ahead.

Source: Feed the Pig (AICPA Consumer Education)

About the author

Healthy Living

Healthy Living is unique in a sea of health magazines that only present information on nutrition and exercise. Published by Akers Media Group, Healthy Living goes much farther by focusing on the four pillars of a true wellness — physical, mental, spiritual and financial health.

Healthy Living promotes a healthy, well-balanced lifestyle with easy-to-read features, try-it-at-home exercise programs, and expert advice from financial planners, mental health professionals, and a variety of other leaders in their respective fields.

Leave a Comment