Planning For A New Baby

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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 about preparing for having a baby.

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

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