For many couples, having a new baby is an exciting time. It will be a big change in their lives as they try to adapt to parenthood and get used to this new tiny human living with them. It can be stressful at times, but can also be super fun as you watch this little person grow up in front of your eyes.
However, it’s not all fun and games. You will now have a lot of responsibility with a new baby in your life, and that includes getting a whole lot of life admin done so that your baby’s future is set up for them. Here are some of the important life-admin that needs to be done pretty soon after the birth of your little one.
Register The Birth
First of all, you need to register the birth of your baby. In most regions, this is a legal requirement and you will have a set period after the birth in which to do this. Once the birth has been registered, then your baby is officially a person and you will be able to open a bank account in their name.
Take Out Some Life Insurance
If you don’t already have a life insurance policy, then now is the perfect time to sort one out. This is so that your baby will be financially protected if anything were to happen to you or your partner. For instance, if one of you were to pass away unexpectedly, the life insurance would pay out to replace the lost income so your family won’t be any worse off after the tragedy.
Write A Will
As well as taking out life insurance, writing a will is another way to protect your child’s financial future. It’s a good idea to see an estate planning attorney to help you with this. This will cost you, but it is a better way to go about writing a will than doing your own. The lawyer will make sure that there are no errors in the will, and most will also store it safely on your behalf.
Update Your Health Insurance
Now that you have someone else’s health to insure in your family, it’s worth checking your own policy to see if you are able to add a child on. Some health insurance providers will add a young child onto your policy for a very small cost. However, not all will offer this service, so you might need to find your child their own policy.
Get Them A Passport
Finally, you will need to get your child a passport. You don’t need to do this straight away, and it is something that can wait a year or so if you don’t plan on traveling out of the country during that time. Once your child does have a passport, they will be free to travel to other countries.
(Extra) Emergency Fund = less stress
Life is full of uncertainties and it’s really difficult to predict the twists and turns. This is never more true when looked at from a financial point of view. It’s virtually impossible to predict when a possible personal financial crisis may occur. Everything seems hunky dory when your income is stable, but do you have contingencies in place should your income fall dramatically? It’s easy to bury our heads in the sand and assume that everything will be ok, but could you cope if life takes a dramatic change of direction?
You could liken life to a game of Monopoly, perhaps not quite as random as the shake of dice, but it can be very unpredictable. Unless you have a crystal ball (that works!) you will be unable to tell if you are going to suffer a lack of income due to illness, sickness, accident, redundancy or a business which fails. Homeowners may not be able to predict property damage due to flood, fire or theft and what about cars, once they start to go wrong they can become a real money pit.
Whatever financial crisis’s we are faced with, we still need to pay the mortgage, rent, bills and meet living costs, so it’s essential to plan for life’s unpredictabilities. Putting aside some money every month now will help to lower the impact of any future disasters. In fact make building up an emergency fund a priority. If you find yourself in a situation where you need money quickly, try asking friends or family.
If this isn’t possible you made need to look at other funding options such as credit cards and loans. Ensure that you can meet repayments and devise a repayment plan. Finance can be applied for when time is short via loans no credit checks required. This will also be helpful if you have a poor credit score, be sure to check that you can afford the repayments.
Often money is just too tight to even consider saving any, so it is essential to take stock of your whole financial situation in order to identify areas where savings can be made. Read on for inspiration.
Discover more on how to protect your newborn and yourself ===> Over here
As you can see, there is a lot that you need to sort out once you have kids. With most of these things, it’s best to do them as soon as you can!
Enjoy the moment.
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