Checklist: Preparing for a growing family

If pregnancy or adoption means your family is about to get bigger, there are some easy steps you can take help not only satisfy your newest family member’s immediate needs, but to plan for his or her long-term needs as well

Things to Consider with a Growing Family

  • Get a Social Security number for your child; You may receive one with the birth certificate, or you can apply directly with the Social Security Administration.
  • Add the child to your health insurance policy to ensure adequate and immediate coverage.
  • Purchase life insurance for the new child.
  • Update or provide life insurance coverage on yourself to protect the child in case something happens to you.
  • Update beneficiary information to include the newest family member.
  • Invest in a savings plan for your child.
  • Update your will to include your child.
  • Fund an FSA dependent care account pre-tax for daycare expenses.
  • Start a 529 plan for college funding.
  • Meet with a financial advisor to make changes to your financial plan.
  • Adjust your budget for the added expenses.