1. Revisit your budget
We have shown it's not cheap to raise a child. After a baby is born, you need to revisit your budget, maybe make some cuts in certain areas and create rooms for the baby related expenses.
2. Start college planning
The earlier you start planning your child's college expenses, the better. The good news is you have many options to pursue.
3. Open a FSA account
Child care costs money, and thanks to FSA, you can save pre-tax money to pay for such expenses.
4. Don't forget tax credits
While it's expensive to raise a child, government also gives you some incentives to raise a child, for example, every dependent you add to your tax form, Uncle Sam reduces yous taxable income by $3,950.
5. Buy a life insurance
Now you have a child, you have responsibilities. The best time to buy life insurance is when you are young and healthy, and you can lock in a great rate for the duration of the term.
We have shown it's not cheap to raise a child. After a baby is born, you need to revisit your budget, maybe make some cuts in certain areas and create rooms for the baby related expenses.
2. Start college planning
The earlier you start planning your child's college expenses, the better. The good news is you have many options to pursue.
3. Open a FSA account
Child care costs money, and thanks to FSA, you can save pre-tax money to pay for such expenses.
4. Don't forget tax credits
While it's expensive to raise a child, government also gives you some incentives to raise a child, for example, every dependent you add to your tax form, Uncle Sam reduces yous taxable income by $3,950.
5. Buy a life insurance
Now you have a child, you have responsibilities. The best time to buy life insurance is when you are young and healthy, and you can lock in a great rate for the duration of the term.
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