{"id":172100,"date":"2023-03-08T20:56:40","date_gmt":"2023-03-08T20:56:40","guid":{"rendered":"https:\/\/precoinnews.com\/?p=172100"},"modified":"2023-03-08T20:56:40","modified_gmt":"2023-03-08T20:56:40","slug":"dont-forget-the-finances-when-caring-for-your-newborn-the-denver-post","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/dont-forget-the-finances-when-caring-for-your-newborn-the-denver-post\/","title":{"rendered":"Don&#8217;t forget the finances when caring for your newborn &#8211; The Denver Post"},"content":{"rendered":"<p>When you\u2019re caring for a newborn, it can be hard enough to carve out time to shower, let alone stay on top of money tasks. In the fog of sleep deprivation, you may miss a bill payment or impulse-buy random things online to help with infant care. Suddenly, your credit scores are down and your budget is stretched.<\/p>\n<p>Planning for the baby itself \u2014 the name ideas, the nursery themes \u2014 is certainly more adorable than developing a system to make sure you remember to open the mail, but the last thing you\u2019ll want to do is leave money management up to chance when your baby arrives. Here are ways to start financially nesting.<\/p>\n<h4>Knock out important tasks<\/h4>\n<p>Take advantage of the pre-baby months to make some big decisions, including:<\/p>\n<ul>\n<li><strong>Health insurance for the baby: <\/strong>Giving birth or adopting a child is considered a \u201cqualifying life event\u201d as far as health insurance coverage goes. That means you won\u2019t have to wait for open enrollment to add your child to your plan, but you\u2019ll have only a limited amount of time \u2014 about one or two months \u2014 after the birth or adoption to do so. Check your insurance plan\u2019s rules to know what your deadline would be. If you and your partner have separate plans, compare costs and decide who will take the baby on as a dependent.<\/li>\n<li><strong>Estate planning:<\/strong> Talk to an estate attorney about drafting a will, selecting a power of attorney and health care proxy, and establishing a trust for your child if appropriate for your situation. \u201cIf something were to happen to one of you or both of you at the same time, it would just create a myriad of problems for your child,\u201d says Paul Sydlansky, founder and senior adviser at Lake Road Advisors in Corning, New York.<\/li>\n<li><strong>Life insurance: <\/strong>A life insurance policy can provide vital funding for your family if something were to happen to you, your partner or both of you.<\/li>\n<\/ul>\n<h4>Get your budget baby-ready<\/h4>\n<p>From smaller ongoing purchases like diapers and formula to massive costs like child care, those baby expenses are going to add up. If you\u2019re taking unpaid parental leave or one parent is leaving their job to handle caretaking full time, the money coming in is going to change dramatically.<\/p>\n<p>Start by identifying cuts you can make or bills you can renegotiate to bring down costs. If you have credit card debt and there\u2019s room in your budget to pay it down aggressively, that can free up more money for necessities later. Begin to price out expected ongoing baby expenses, like the monthly cost of day care, so you can get a general sense of how your spending will change.<\/p>\n<p>Next, automate bill payments for recurring costs, like credit cards, utilities and mortgage payments. If you rent your home and normally mail a check to your landlord, use your bank\u2019s bill-pay feature so it\u2019ll send checks on your behalf. Set up whatever you can in advance so these services will continue without interruption and late fees.<\/p>\n<h4>Expect the unexpected<\/h4>\n<p>Don\u2019t neglect to make room in your budget for unexpected costs.<\/p>\n<p>Emily Rassam, a senior financial planner at Archer Investment Management in Charlotte, North Carolina, found herself spending more on self-care than she planned. \u201cMy interest level in grocery shopping and cooking plummeted during pregnancy,\u201d she says. That meant more of her food budget went toward restaurants and takeout.<\/p>\n<p>Rassam also recommends confirming child-birth expenses with your insurance company in advance. She learned, for example, that the hospital she planned to deliver at was in her insurance network but the anesthesiologist wasn\u2019t. In that situation, getting an epidural would cost more than anticipated.<\/p>\n<h4>Tap into your village<\/h4>\n<p>Your loved ones aren\u2019t just great sources of hand-me-downs, advice and free babysitting. They can also help with financial tasks, whether that\u2019s checking in with you about your money goals or even reminding you of payment due dates.<\/p>\n<p>Lori Gross, a financial and investment adviser at Outlook Financial Center in Troy, Ohio, says neighbors have the same deadlines for costs like property taxes and utilities, so ask them to text a reminder when they pay their bill so you don\u2019t forget.<\/p>\n<p>\u201cFamily and friends are very good about helping out with those things, but a lot of parents hesitate to ask for help,\u201d Gross says. \u201cThey don\u2019t think they\u2019re going to need it.\u201d<\/p>\n<p><em>This article was written by NerdWallet and was originally published by The Associated Press.<\/em><\/p>\n<p><strong>More From NerdWallet<\/strong><\/p>\n<ul>\n<li>\n<ul>\n<li>How to Prepare Financially to Leave an Abusive Relationship<\/li>\n<\/ul>\n<ul>\n<li>\n<ul>\n<li>What to Know About the CFPB\u2019s Plan to Slash Credit Card Late Fees<\/li>\n<\/ul>\n<ul>\n<li>\n<ul>\n<li>Cash Advances Still Sting, but a Credit Card Loan? Maybe Less So<\/li>\n<\/ul>\n<p>Sara Rathner writes for NerdWallet. Email: srathner@nerdwallet.com. Twitter: @sarakrathner.<\/p>\n<p>Source: <a href=\"https:\/\/www.denverpost.com\/2023\/03\/08\/new-parents-your-finances-need-nurturing-too-2\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you\u2019re caring for a newborn, it<\/p>\n","protected":false},"author":3,"featured_media":172099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Don&#8217;t forget the finances when caring for your newborn &#8211; The Denver Post - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/dont-forget-the-finances-when-caring-for-your-newborn-the-denver-post\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Don&#8217;t forget the finances when caring for your newborn &#8211; 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