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Raising a child is one of the most rewarding experiences, but it also comes with a high cost. ACCC offers 8 tips to financially prepare for a child:
- Update your budget
Include all the expenses that come with having children, such as diapers, childcare, food, etc. - Look over health insurance
Review your health insurance before having a baby to ensure there aren’t any unexpected bills. After having a child, add them to your health insurance. - Emergency fund
Children are prone to accidents, so if you don’t have an emergency fund, now is the time to start one. - Childcare
Research affordable nannies or daycare centers. Do this while on parental leave if possible so more work is not missed. - Get life insurance
You’ll want to make sure your family is taken care of if something happens to you. - Make or update a will
Add all your beneficiaries to your will if you have one already. If you don’t have one, you will need to make one. - Retirement
Don’t forget about your own retirement after having a child. Continue to contribute to your retirement plans. - Start saving for college
College costs are increasing, so the best way to get ahead is to start saving as soon as possible.
