Managing Your Finances

Communicate with your partner openly about the things that are worrying you. If there are financial aspects that you think need bringing up then sit down and think constructively together about how you can both help tackle them. Discuss whether you need to take up a part time job or whether you both need to cut down on expenses to get your finances back on track. 


Start Planning for Your Family

If you're not having financial troubles and want to avoid them in the future, consider planning for your family's future needs, taking into consideration all possible angles. Here are a few things that you should consider:

Health Insurance: Having health coverage is vital. You'd be amazed at how much it can save you in the long run in terms of health related expenses. Check with your spouse whether his work insurance can cover your family and consider getting insurance of your own to cover your and your child's health needs.  

Life and Disability Coverage: Most new parents understand the importance of life insurance, but few consider the possibility of them needing disability coverage. The likelihood that either of the parents might become unable to work due to a disability for the short- or long-term is much higher than that of them dieing young, so be sure that you've got short- and long-term coverage for that worst case scenario.

College Savings: You might think that you'll be able to cover your child's future college expenses when the time comes, but the truth of the matter is that many families meet with unexpected financial situations that make paying for college a cumbersome affair. Start saving up for your kid's college tuitions early on by putting away a small amount of money in a savings account under your own name.