Five Things to Think About When Welcoming Your First Child
One fun side effect of having a team that skews on the younger side is the fact that there has been a serious baby boom in recent years here at Lifewise and BerganKDV. With babies all around us, we couldn’t help but think about a few things we should consider as we enter the age of parenthood. And, while we understand everyone goes into this stage of their life with their own unique style, we’ve compiled five things to think through as you welcome your first child.
Yourself
The old saying is true. You truly can’t take care of others unless you take care of yourself. Don’t forget to sleep when you can. Take time for yourself and for your partner. Invest in yourself when you can so you have the energy and patience to tackle the rest!
The Long-Term.
Now is the time to start thinking about your family’s long term future. Do you have a will in place? How much life insurance do you have? How much life insurance should you have? We have put together this simple checklist of financial items to consider as you plan for the future.
How Can You Simplify?
It’s no secret that welcoming a new baby adds an element of chaos to your life that previously did not exist. So, now is the time to simplify. Don’t have your bills set-up on auto-payment? Time to get them set-up. Might we suggest Amazon Family for auto deliveries of diapers and wipes? We’re also huge fans of grocery delivery! Check with your local grocery store to see if they deliver.
Begin Planning for Childcare.
If both parents plan to go back to work following the birth of baby, it’s time to start planning for childcare. We’ve all heard the anecdotes regarding the rising cost of childcare and they’re no joke! So, start exploring your options early in order to find something that feels right for your family both in terms of cost and atmosphere. We also recommend utilizing your company’s dependent care program, if offered, in order to pretax dollars to help pay for the expense.
Relax
Sure, it’s easier to type than to do, but try to relax. Every mom and grandmother in the grocery store will stop to tell you this time goes by quickly. While there are so many things to think about and consider the most important thing to do is to enjoy this time as a new family.
Download the New Parent Checklist here!
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Providing the perfect blend of powerful technology and human guidance, Lifewise is geared toward young professionals searching for a better way to make wise choices and sound financial decisions. Backed by BerganKDV Wealth Management, Lifewise is supported by a team of CPAs, CFPs and CFAs who stand ready to guide you through every financial challenge and windfall.
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