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8 Tips to Financially Prepare for a Child

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:

1. Update your budget
Include all the expenses that come with having children, such as diapers, childcare, food, etc.

2. 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.

3. Emergency fund
Children are prone to accidents, so if you don’t have an emergency fund, now is the time to start one.

4. Childcare
Research affordable nannies or daycare centers. Do this while on parental leave if possible so more work is not missed.

5. Get life insurance
You’ll want to make sure your family is taken care of if something happens to you.

6. 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.

7. Retirement
Don’t forget about your own retirement after having a child. Continue to contribute to your retirement plans.

8. Start saving for college
College costs are increasing, so the best way to get ahead is to start saving as soon as possible.

 

American Consumer Credit Counseling (ACCC) provides non-profit credit counseling, debt reduction programs and debt relief services to help consumers nationwide figure out how to pay down debt and how to get out of debt quickly. Our professional credit counselors provide free credit counseling to help individuals and families find the right debt solutions to help with credit card debt and avoid debt in the future. Our debt management programs provide help with debts by consolidating payments on credit card debt and other unsecured loans, with credit card negotiation services to reduce credit card debt interest rates and finance charges, helping consumers to pay off debt more quickly.

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