You’re Having a Baby!
Congratulations! You’ve just had a tiny little miracle enter your life and can’t imagine life without her/him. You love to smell their adorable soft little heads and kiss those cute chubby little feet. Wow, breathtaking!
What isn’t a miracle is you never knew such a little person could need so much stuff and require so much work. And what about when that baby grows into a toddler, a “tween”, a teen and beyond.
Do you use a financial planning tool to track and budget your income and expenses? This is important because it helps to understand if anything happens to either parent. How will the loss of income affect the welfare of your child?
Consider these additional questions:
- You are a dual household income.
a. How will the income be replaced if one of the parents gets sick or dies?
- The primary earner that supports the household financially gets sick or dies.
a. How will you make up that income?
- The primary caregiver gets sick or dies.
a. Who will replace the caregiver?
b. Will the parent who works outside of the home not return to work?
c. How will the income be replaced?
d. How much would it cost to hire someone to care for the child(ren) if you return to work?
Life and Disability insurance will provide financial relief. This helps so you can grieve and/or manage without worrying about money while you care for your family and be able to pay the bills.