When you’re caring for a newborn, it can be hard enough to carve out time to shower, let alone stay on top of money tasks.
WHEN you’re 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.
Planning for the baby itself—the name ideas, the nursery themes—is certainly more adorable than developing a system to make sure you remember to open the mail, but the last thing you’ll want to do is leave money management up to chance when your baby arrives.TAKE advantage of the pre-baby months to make some big decisions, including:Giving birth or adopting a child is considered a “qualifying life event” as far as health insurance coverage goes.
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’s bill-pay feature so it’ll send checks on your behalf. Set up whatever you can in advance so these services will continue without interruption and late fees.DON’T neglect to make room in your budget for unexpected costs.
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’t. In that situation, getting an epidural would cost more than anticipated.YOUR loved ones aren’t just great sources of hand-me-downs, advice and free babysitting.
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