Comments on: Financial Checklist for New Parents

By: DDFD at DivorcedDadFrugalDad

DDFD at DivorcedDadFrugalDad — Mon, 27 Jul 2009 12:16:54 +0000

Nice checklist!

By: tperko

tperko — Thu, 23 Jul 2009 00:26:08 +0000

Great post! These are essentials, maybe not in the form of a crib or other material goods, but far more important in the long run!

Make best use of your local resources! Just mentioning that a baby was on the way opened up a lot of doors for us.

The baby budget will fluctuate depending on age also, which constantly changes. Just remember – anything with batteries, in the long run, will drain your bank account.

By: Wojciech Kulicki

Wojciech Kulicki — Thu, 23 Jul 2009 00:03:47 +0000

I would second that recommendation. I read this just a few months ago, and it’s a fantastic way to prepare for a baby.

By: Keith Morris

Keith Morris — Wed, 22 Jul 2009 19:17:52 +0000

Thanks, Patrick! Let me know how you like it.

By: a.b.

a.b. — Wed, 22 Jul 2009 19:14:37 +0000

Great article. Like the general principles, but there’s a couple things I’d add:
1) B.C. Have a sit down with your spouse on what you are or are not willing to do to save money. Some people are gung-ho for cloth diapers, etc., but it only works when both parties are on board.

2) Discuss the financial education you want to give your child. Do you both believe in allowances, or chores for pay? Setting up a basic plan early on (B.C. or A.D.) with flexibility to take in the individual child’s needs can mitigate a lot of contention later.

By: Patrick

Patrick — Wed, 22 Jul 2009 19:13:01 +0000

Keith, I’ll be sure to give that a listen when I have a few minutes to spare – probably while my baby girl is asleep on my chest.

By: Patrick

Patrick — Wed, 22 Jul 2009 19:12:14 +0000

Great tips, FFB.

By: Patrick

Patrick — Wed, 22 Jul 2009 19:11:30 +0000

You can get a will kit to cover a basic situation, but if you have anything fairly complicated then I would see a lawyer (you may prefer to visit a lawyer anyway). A standard will prepared by a lawyer shouldn’t cost too much and you will have the piece of mind that it was done correctly.

By: FFB

FFB — Wed, 22 Jul 2009 19:10:26 +0000

Great advice! I like that you mention to keep a budget flexible in the beginning. Lots of little expenses creep up once the baby is born.

I’d also add that you should take advantage of flexible spending plans at work. Just like life insurance you should have 30 days to update the amounts you contribute. If you plan to send the baby to day care within the year you can consider contributing to a daycare plan as well. The expenses you put into the plans get reimbursed tax free.

By: Keith Morris

Keith Morris — Wed, 22 Jul 2009 18:49:51 +0000

Great post, Patrick! Very helpful. I have quite a few of these to check off myself, not the least of which is actually *having* a kid. Someday, I hope!

I just recently helped to organize a live talkcast event during which we discussed how to talk to your kids about money. If you’re interested in further thoughts on the steps to take after these “baby steps,” give it a listen here:

http://www.talkshoe.com/tc/51172

By: PT Money

PT Money — Wed, 22 Jul 2009 18:22:06 +0000

Nice reminders here, Patrick. There’s still a few things here I’ve yet to check off. But they’re in the works. Where would you recommend getting a Will done?

By: Monkey Monk

Monkey Monk — Wed, 22 Jul 2009 17:51:32 +0000

I’d recommend the book “Expecting Money: The Essential Financial Plan for New and Growing Families” by Erica Sandberg. We used this book before having our first child and found a lot of the tips and worksheets to be extremely helpful.

By: Patrick

Patrick — Wed, 22 Jul 2009 14:58:26 +0000

Thanks for the opportunity to write a guest post, Jim! Hope you are enjoying your vacation.