Planning For A New Baby

There are quite a few financial things to think about, especially when expecting your first child. Prepare, plan, and make it a priority!

In this episode of the Finance for Physicians Podcast, Daniel Wrenne talks to Heather Lovallo, Certified Financial Planner or CFP®, about preparing for having a baby. Heather has two children, Daniel has three kids, and expect more at the Wrenne Financial Planning firm!

Topics Discussed:

• Disclaimer: Having children should not be and is not a financial decision
• When is the right time financially to have children? Never
• Common Concerns: Education savings, medical/care expenses, and buying gear
• Medical Expenses: Know what insurance covers, type of birth (home or hospital)
• Healthcare Savings: HSA, FSA, and HRA can be used for out-of-pocket costs
• Ongoing and One-time Expenses: Diapers, food, clothing, and childcare
• Childcare: Follow tax rules when paying contractors and household employees
• Education Funding: Kids are expensive and get more expensive as they age
• Life Insurance/Estate Planning: Get it done to feel secure, have peace of mind

Links:

Are You Saving Enough For Education

How To Help Your Children Maximize Their College Education

HSA vs. FSA vs. HRA - Healthcare Account Comparison

What is a 529 Plan?

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