A new baby brings a long list of financial firsts. This checklist puts them in order so you handle the important protections early, when sleep is short and time is even shorter.
What it covers
- Adding the baby to your health insurance within the enrollment window
- Opening a 529 plan to start college savings early
- Getting or increasing term life insurance now that someone depends on you
- Writing a will and naming a guardian
- Updating beneficiaries on your accounts
How to use it
- Make a copy from the link below.
- Start with the time-sensitive items: insurance enrollment has a deadline.
- Work through the protection items over the first few months.
- Revisit beneficiaries and the will as your family grows.
Why life insurance and a will come first
College savings can wait a month; protecting your child if something happens to you cannot. Term life insurance is inexpensive when you are young and healthy, and a simple will naming a guardian removes a hard question from an already hard moment.