Family Financial Planning (FM)

Before having a baby most couples are living in the moment. Each person has been bringing income into the relationship, monthly bills are taken care of, a life insurance policy may, or may not be in place, and contributions may have been deducted weekly towards a 401 (k). But often times a long term financial plan in not in place.

With the upcoming birth of a baby -- a child that will be totally dependent on its parents -- future financial plans should be put in place. But to do that each person needs to talk through certain aspects first.

Questions such as:
~ How do we pay for hospital and doctor bills?
~ How do we prepare financially for mom being out of work for three months?
~ Is there life insurance in place to take care of the baby if something happens to one parent? Is there enough to take care of that baby long term?
~ How do we handle added baby expenses, especially for the first year?
~ Can we afford, once going back to work, to pay child care expenses each month?
~ Do we want to start an education plan, or set up a savings account for the baby?
~ How much extra will it cost each month to add baby to our health insurance?

All of these questions should be discussed and agreed upon before the birth of baby, to have a financial base organized.

Questions like these and others can be found in my new book "101 Questions for Expectant Parents: Preserving Your Relationship Through the Transition." I developed it as a talking tool for couples to discuss these important issues before baby arrives -- in order to eliminate any possible conflicts.

You can order it through www.Amazon.com.