Few moments are as exciting as welcoming a baby to your family. From the moment you know you’re expecting, the anticipation of welcoming your little one colors your every thought. And while you’ll do plenty of fun things in preparation, from buying sweet little clothes to choosing the right name, you need to consider some more practical things too.
When it comes to the no-nonsense aspects of planning for a baby, you should start early. Luckily, for most parents, the urge to get your affairs in order before the little bundle of joy arrives is natural and strong. Consider these practical items when you know you’ll have a new addition to your family.
* Your car. Your budget may be tightening, so you’ll want to find out how to save money on car insurance, among other things. Consider investigating a multi-policy insurance plan that may also provide discounts for good driving skills, car safety ratings, etc.
* For many couples, expanding their family means getting a different car. Moving from a subcompact to an SUV can help you safely transport your baby and all his gear, but a change in car also means changing car insurance. Before you purchase, research how much the insurance is for the different models you’re looking at, because the price could be a large factor in your decision making process.
* Your home. Is your house big enough to accommodate another family member, in a way that is practical for everyone in the household? If the answer to that question is “no,” then it’s a good time to consider other options, whether you rent or own your home. Keep in mind that if you move to a new city or neighborhood, it can affect your auto insurance rates. This is worth considering when estimating what your monthly costs would be in a new location.
* Your baby’s future. Your youngster isn’t here yet, so isn’t it a bit early to start thinking of college? Absolutely not. The cost of going to college continues to rise, so it’s likely that it’ll be even more expensive by the time your child is ready to enroll. Explore your saving options like 529 plans to find out what will make your money work the hardest for your child. And do some simple math – see how much you’ll accrue if you set aside $20 or $50 from each paycheck until your child is 18.